Despite the drying valuations of the crypto market, Dogecoin (DOGE) is making confident progress. The Dogecoin cryptocurrency emerged as a fun project with a “Japanese dog breed Shiba Inu” as its mascot. In the last few months, DOGE’s price has almost doubled, giving it a place among the top twenty-five cryptocurrencies by market cap. Clearly, the cryptocurrency which started as a fun project is now grabbing the attention of potential crypto investors. In response, popular crypto lending platform SALT now plans to capitalize on the improved liquidity of Dogecoin.
Till now, SALT has issued loans worth more than $50 million USD for blockchain-backed projects. The platform now plans to issues loans in USD, keeping DOGE tokens as collateral.
SALT Adding Dogecoin to Other Crypto Collateral Offerings
The lending platform currently supports loan offerings in Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). SALT recently added DOGE to its list of loan offerings on its social media platform Twitter.
The platform’s chief marketing officer, Jennifer Nealson, welcomed the DOGE addition in a word with CCN,
“The majority of loans are collateralized by bitcoin, though some loans are collateralized by Ethereum, Litecoin or a combination of the three. We are excited to have Doge as our newest collateral type.”
Nealson went further to say that based on their jurisdictions, borrowers can issue funds either for business or personal reasons. She also said that borrowers receive the loan amount from SALT directly to their bank accounts.
Earlier this month, SALT started issuing Litecoin-backed USD loans. The lending platform also revised its interest rate model at 5.99% for loans below $75,000, and 11.99% for loans up to $25 million. After adding DOGE, SALT has integrated a voting system for adding new coins. This system allows borrowers to choose the coin they want to see on the platform.
“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, Monero, XRP, Cardano, Dash, Bitcoin Cash, or they can fill in their own recommendation, as we’re always working to expand our collateral offerings,” said Nealson.
SALT’s Next Move Could be Support for Stablecoins
With the growing demand for stablecoins, they could be next in line for listing on the platform. Indeed, its competitor BlockFi already announced support of the regulated stablecoin Gemini Dollar (GUSD) as collateral for USD loans.
SALT has witnessed a strong demand for crypto-backed loans from the “UK, New Zealand, Hong Kong and Vietnam.” The company has additional expansion plans for the U.S.
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