Crypto lending platform SALT has partnered with Cion Digital to launch crypto lending-as-a-service for over 5,000 U.S. auto dealerships.
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SALT was founded in 2016 and introduced asset-backed lending to the cryptocurrency market, offering digital asset holders a new level of diversity.
The partnership marks the launch of SALT’s embedded crypto lending service, enabling faster deployment of crypto financing solutions for financial service providers and fintech platforms.
Justin English, CEO of SALT, said that his team has been moving towards an embedded model of direct-to-consumer lending from the beginning, hoping to enable both large neo-banks and traditional financial institutions. In addition, it is expected that to adapt to the expanding cryptocurrency market early and digitally transform the platform.
Fred Brothers, co-founder of Cion Digital, said that:
“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.”
Cion Digital’s proprietary Blockchain Orchestration Platform allows institutions to build innovative finance solutions quickly and seamlessly connect their legacy systems with the complex and ever-changing world of decentralised finance.
Cion Digital has built a cryptocurrency dealership platform that connects car dealers and lenders with car buyers, providing access to cryptocurrency payments and loans.
SALT said it would cooperate with more enterprise platforms in the future.
Image source: Shutterstock
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