SALT Lending, a cryptocurrency-backed lending platform, has introduced plans to launch a brand new crypto-backed bank card. The brand new card will operate in another way from different crypto bank cards which have not too long ago been launched, by accepting crypto as safety.
- SALT Lending not too long ago introduced the brand new SALT Card, a bank card that permits customers to leverage their crypto holdings to realize spending energy.
- The corporate hasn’t offered quite a lot of particulars in regards to the card and would not have an issuing financial institution associate but.
- shoppers can be part of the waitlist for the cardboard to obtain details about its growth.
A New Twist on Crypto Credit score Playing cards
In late 2020, BlockFi introduced the Bitcoin Rewards Credit score Card, the primary card within the trade to supply rewards within the type of cryptocurrency as an alternative of money again, factors, or miles. Then one other crypto alternate platform, Gemini, rolled out a card of its personal, and SoFi started permitting new and present customers of its flagship bank card to redeem their rewards for bitcoin and Ethereum.
Now, SALT Lending has entered the fray, even when it is nonetheless within the early phases of creating its new bank card.
The SALT Card will not simply supply crypto rewards, the corporate says. It is going to base your spending energy on how a lot cryptocurrency you wish to use to safe your card’s line of credit score, a lot the way in which a conventional secured credit card works. That additionally makes it related crypto-backed loans, which let you use crypto holdings as collateral.
As a result of the cardboard is secured, SALT Lending will supply it to new candidates with out requiring a credit score examine—a plus for shoppers who usually handle their cash properly however nonetheless have a comparatively low credit score rating.
Customers of the cardboard will be capable to get a line of credit score of as much as 60% of their bitcoin held with SALT Lending.
As with crypto-backed loans, the SALT Card makes it potential for crypto lovers to make use of the cardboard for on on a regular basis spending without having to promote their cryptocurrency to pay for the purchases. They may also be capable to earn rewards.
Be part of the Waitlist, However Be Prepared for a Lengthy Wait
It is presently unclear when the SALT Card will likely be formally launched. At this level, the lending platform nonetheless lacks an issuing financial institution associate, which is a vital step in releasing the cardboard.
Till that occurs, there will not be any agency particulars in regards to the card’s rewards charges or different advantages.
That mentioned, you’ll be able to be part of the waitlist for the cardboard by visiting SALT Lending’s website.