- SALT, a cryptocurrency loan provider, now allows the use of Dogecoin for obtaining loans.
- A voting system has will allow customers to vote in the currencies they want to be added to the platform.
SALT, a cryptocurrency loan provider, has announced that Dogecoin (DOGE) can now be used by customers who wish to leverage cryptocurrency assets to obtain USD loans.
It has certainly been an eventful time for SALT as it recently announced that it will accept Litecoin (LTC) as backing for loans and also announced an expansion to a number of new countries such as the UK, New Zealand, Hong Kong, and Vietnam.
As the cryptocurrency loan industry grows, there is a need to expand the use of altcoins and also the need to offer these services in more locations, which SALT is actively doing.
In the official announcement, SALT stated that this development will enable them to interact with the wider cryptocurrency community with ease.
“Dogecoin (DOGE) has a rich history and incredible support from its community is widely traded, offers high liquidity, and is built using the Bitcoin code base, all factors that make it not only a viable asset to loan against, but an obvious collateral choice for SALT,” the post said.
The inclusion of new coins and expansion to new locations aren’t the only changes that have come to SALT in recent times.
For starters, they have adjusted their interest policies, instituting a rule of 5.99 percent interest rate for loans less than $75,000 and charging 11.99 percent if a loan exceeds $25 million.
SALT has also made the decision to give its users a voice in the way its operations are carried out, letting them vote on which cryptocurrencies they want to be accepted on the platform.
This means that the currencies that are most widely used will get a chance to be added.
“We’re listening to members of our community and are continuing to learn what’s most valuable to them. Currently, people can vote on ETH Classic (ETC), Monero (XMR), XRP (XRP), Cardano (ADA), Dash (DASH), Bitcoin Cash (BCH), or they can fill in their own recommendation.” SALT said, stating that they are always looking to add new currencies to the mix.
This move goes to show the growing power of altcoins as the cryptocurrency market as a whole grows and also the benefits of listening to the community.