SALT Introduces Cryptocurrency Lending as a Service, Announces Cion Digital as Partner

SALT and Cion Digital recently announced a strategic partnership “to bring SALT’s crypto-lending solutions to 5,000+ auto dealerships in the US.”

The announcement marks “the launch of SALT’s Embedded Crypto Lending Service, which will enable financial service providers and fintech platforms to rapidly deploy crypto financing solutions.”

Having launched in 2016, SALT claims to be “the first platform to offer crypto-backed loans and has since been focused on optimizing its lending technology and servicing operations.”

Over the past few years the company has “built a full stack loan management and risk platform that manages complex crypto loans at scale.”

With the launch of embedded crypto lending, SALT is “bringing this technology to other platforms, helping them further their mission to offer new and novel products to their customers.”

SALT’s CEO Justin English stated:

“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.”

By partnering with Cion Digital, who recently announced a collaboration with CarNow and their network of nearly 5,000 dealers, car buyers will be able “to use their crypto as collateral for loans at point-of sale at highly competitive rates.”

Car buyers will also be able “to use crypto to make a down payment or pay for a vehicle in full.”

Fred Brothers, President and Co-founder of Cion Digital, remarked:

“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.”

With Cion Digital becoming its first official partner, SALT claims that it is already “experiencing an increase in demand for its Embedded Crypto Lending solution and expects to announce additional partners this year.”

Founded in 2016 and headquartered in Denver, SALT claims to be “the pioneer of crypto-backed lending and the creator of the first-ever crypto backed credit card.”

As a company in the fintech space, SALT’s mission is “to build products that increase access to financial opportunities and give people more control over their ability to generate long-term wealth.”

The company’s products are “designed to enable its clients to simultaneously hold their assets, build wealth, and borrow against their portfolios.”

SALT offers flexible loan and credit card terms, “does not require credit checks, and accepts multiple crypto assets as collateral for its credit products including cryptocurrencies, stablecoins, and tokenized gold.”

Cion Digital’s proprietary Blockchain Orchestration Platform “allows institutions to build innovative finance solutions quickly, and to seamlessly connect their legacy systems with the complex and ever-changing world of decentralized finance.”

Cion Digital claims that it “built the ultimate crypto dealership platform connecting auto dealers and lenders with a new age of car buyers to offer cryptocurrency payments and loans.”

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