SALT Lending Expands Collateral Base by Adding Dogecoin
SALT lending seems to propel this wish after adding Dogecoin to its list of cryptos.
Dogecoins Popularity Soars with SALT Addition
For a long time, crypto investors have been relying on liquidating their portfolio as a means of getting capital. SALT Lending has announced that it will issue loans through collateralizing the dollar from prominent lender DOGE. To date, SALT has offered over $50 million in loans for the blockchain sector. Dogecoin altcoin has been gaining popularity recently.
The altcoins profile has risen further after SALT promoted it on various social media platforms. SALT has used the altcoins mascot on its Twitter profile. SALT is also backing loans supported by other cryptos like ethereum and bitcoin.
Jennifer Nealson from SALT acknowledges that major loans are collateralized by three major cryptos litcoin, ethereum and bitcoin or both. She stated that SALT was thrilled to add Doge its collateralising list.
At the moment, DOGE has a market capitalization standing at $500 million with listing on top exchanges apart from Coinbase. Unconfirmed reports indicate that Dogecoin founders are working to have it listed on Coinbase. However, DOGE team has denied the reports.
Making the announcement, SALT stated that dogecoin is a sensation after a resurgence in value in the course of 2018. A number of other coins have remained stagnant over 2018. Data from the last two months shows that DOGE ‘s market value has risen by 80%. The altcoin is now ranked among the top 21 cryptos. It was displaced from position 20 by Zcash.
Data from GitHub indicates that Dogecoin and bitcoin have striking similarities. However, Dogecoin does not deploy SHA256 as part of its POW. The altcoin is using a simple version of a variant script.
Speaking to media outlets, Nealson stated that funds borrowed in dogecoin can be deployed for personal or business purposes. She said that it depends on jurisdictions. After the loan has been approved, the funds are the wired to the borrower's account.
At the beginning of September, SALT enrolled litcoin to its list of collateral. During the revelations, SALT reviewed its interest rates. For those borrowing loans less than $75, 000, they will be subjected to rates of about 5.99%. Loans that go up to $25 million will be subjected to rates of 11.99%.