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I believe once you can start using your cryptocurrency as collateral for a loan, this space is going to go into the trillion(s). check out Salt Lending. I kno
by loki0505 9y ago
I believe once you can start using your cryptocurrency as collateral for a loan, this space is going to go into the trillion(s).
check out Salt Lending. I know many waiting for it to open so they can get a 100k loan and put it back into crypto. This project has been fully licensed and regulated, and owned by the founder of shapeshift (erik vorhees)
- aakilfernandes 9y agoAny idea on the tax implications of this? Do you have to pay cap gains when using crypto as collateral? If not, seems like it'd be massively useful for whales to cash out without paying taxes.
- loki0505 9y agohonestly, this seems like a grey area and I have no idea! but the concept of this platform is amazing, and has already been approved. They are taking SALT deposits currently (just opened a few days ago) so they are ramping up for full operation soon. I would suggest to hit up their reddit...i'm gonna do the same :-)
- dajohnson89 9y agoHow do they asses creditworthiness?
- loki0505 9y agoby you using your current crypto stack as collateral. you put up your stack, add SALT tokens: 1 salt token + collateral = 10,000 loan 10 salt token + collateral = 100,000 loan 100 salt token + collateral = 1,000,000 loan no credit check.