SALT and Cion Digital partnered today to deliver SALT’s crypto financing solutions to more than 5,000 car dealerships in US
Salt’s Crypto Lending + Partnership
SALT and Cion Digital established a collaborative agreement today to deliver SALT’s crypto financing solutions to more than 5,000 car dealerships in the United States. The event marks the official debut of SALT’s Embedded Crypto Lending Service, which will allow financial service providers and fintech platforms to quickly implement crypto financing solutions.
SALT was the first platform to offer crypto-backed loans when it began in 2016, and it has subsequently concentrated on refining its lending technology and servicing operations. The Company has constructed a full stack loan management and risk platform that manages complicated crypto loans at scale over the last few years. SALT is introducing this technology to other platforms with the launch of Embedded Crypto Lending, assisting them in their drive to deliver new and creative products to their clients.
Car purchasers will be able to utilize their crypto as collateral for loans at point-of-sale at relatively competitive rates by working with Cion Digital, who just announced a relationship with CarNow and its network of almost 5,000 dealers. Car purchasers will be able to use cryptocurrency to make a down payment or to pay for a vehicle in full. With Cion Digital as its first official partner, SALT is already seeing an increase in demand for its Embedded Crypto Lending Service and hopes to announce other partners soon.
Quotes
SALT’s CEO Justin English, said: “We’ve been building our direct-to-consumer lending business with the embedded model in mind from the start. From crypto native wallets and exchanges to large neobanks and traditional financial institutions, market participants are increasingly intent on digitizing their platforms to accommodate the ever-growing demand for crypto, and we’re excited to help facilitate the transformation.”
Fred Brothers, President and Co-founder of Cion Digital, added: “Cion Digital is excited to partner with SALT to offer our extensive network of dealers the ability to turn on this exciting new point-of-sale financing option, which is often a lower cost loan than traditional financing options. With almost half of Millennials now owning crypto, we are working together to increase dealer capabilities for this fast-growing market of buyers who want more financing and payment options at the dealership.”
