SALT Lending

SALT Lending offers a cryptocurrency lending platform that enables users to collateralize their crypto assets such as Bitcoin, Ether, and Litecoin to take out USD-denominated or stablecoin loans. The platform leverages a multi-signature wallet that allows both counterparties in a transaction to access the account, while SALT marks to market the value of the cryptocurrencies held as assets. The capital is lent out by the company from its own assets and through the SALT Blockchain Asset Management fund with several individual limited partners.

In September 2022, online investing platform BnkToTheFuture entered into an agreement to acquire the platform for an undisclosed amount. This plan was later terminated after SALT froze withdrawals and deposits on the platform due to its unspecified exposure to the collapse of the major cryptocurrency exchange FTX.

Key customers and partnerships

In April 2022, SALT partnered with lending services company Cion Digital to offer its crypto lending solutions to over 5,000 auto dealerships in the US. 

Funding and financials

In February 2023, SALT raised USD 64.4 million in Series A funding via share sale to several unnamed investors. The company earmarked funds to add new products to the platform and support its growth strategy. Most importantly, the funding will help to recapitalize SALT’s balance sheet and capital reserves so that it can resume its full operations during the first quarter of 2023.