SALT, which is an acronym for Secured Automated Lending Technology, has developed a lending platform that allows for Bitcoin and Ethereum to be used as collateral for loans. These loans can be paid out in various national currencies including the US dollar and the Euro.
SALT's lending plantform.
“Developing and implementing the technology on an industrial scale is the next step,” said Yablon. “Our partnership with SBM can help financial institutions realize this potential, bringing new levels of efficiency and revenue. With forward thinking institutions like SBM as partners, SALT has the potential to provide its services to even more of the global blockchain community,” Benjamin Yablon, Co-Founder at SALT is reported to have said.
According to SALT, they make their money through transaction fees and licensing. The lending platform is built on industry-standard Ethereum ERC20 smart contracts.
“This relationship can enable the SBM to increase the scope and scale of its reach, providing an effective manner in which to participate with the world’s most rapidly expanding asset classes,” said K.C Li Kwong Wing, Chairperson at SBM Group.
SBM also has subsidiaries in Madagascar and Kenya. It is also Mauritius' second largest bank.
Kwong Wing also added that the lending platform can give the SBM Group an opportunity to be a leader in this new global economy by facilitating the lending against borrower’s Bitcoin and Ethereum.
The platform will likely be welcome by those who have Bitcoin and Ethereum and are looking to spend them.
Yablon concluded by saying that the collaboration with SBM will provide expertise and resources to develop and drive adoption of innovative blockchain business use cases, leveraging SALT’s protocol and asset agnostic distributed ledger based architecture.