SALT Lending has announced that it has expanded its reach for crypto-backed loans to cover 86% of the United States, having now been granted licences to practise business in Washington D.C., Oklahoma, Arkansas and Montana.
Hearing of the news, ShapeShift CEO and founder Erik Voorhees could not resist the temptation to suggest the US Treasury based in D.C. may benefit from the loan company’s services .
Hey SALT, cool to see you’ve opened service in DC. Check with the Treasury, I think they are looking for about $7 million per minute… not sure how long their current creditors will keep it up. #bitcoin https://t.co/f1kCW7iDdk
— Erik Voorhees (@ErikVoorhees) December 6, 2018
Expanding Despite Market Conditions
Voorhees, who was an early advisor to the SALT project, has a long history of warning of the serious systemic problems inherent in the current monetary system and went on record 9 years ago to declare “The Federal Reserve System is fraudulent.”
While his latest Tweet is probably no more than a light-hearted dig at Treasury Secretary Steven Mnuchin, it serves to show how SALT Lending has continued to expand despite this year’s bear market and a probe by the Securities and Exchange Commission (SEC).
SALT provides users with cash loans in exchange for its users’ crypto-currency assets which serve as collateral, and means borrowers can obtain USD without having to sell off their cryptocurrencies and tokens.
The firm held its ICO in August 2017 and met with mixed reactions due to the pricing structure of its token.