Enormous $1.3 bln worth of demand reported for SALT

Blockchain based loan platform sees an outstanding rate of client interest
26 February 2018   397

SALT, a blockchain company that deals with loans reported a tremendous spike of loan requests on February 20. It announced that new memberships, loan requests and SALT purchase are put on hold for the time being, as the team addresses the demand situation. Naturally, the existing clients will be able to fully operate the platform.

The company based in Colorado and dealing with blockchain-backed loans since late 2017 has already issued $23 mln worth of loans. Without giving any cryptocurrency and by simply using it as a collateral for cash loans, members are able to put their profits to use in decentralized currency markets, for example to pay off a debt.

Though the platform itself is not cheap - the focus group are those with 6-figure salaries and a net worth of millions of dollars. Despite the fact the minimum loan is $5,000, the number of members is already over 60,000 and it seems such model is working pretty effective. But the issue of scalability now became a bottleneck in the system.

Other lending programs abound within the ecosystem: Coinloan is a crypto asset collateral lending program that offers significantly smaller loans and easier access; Ripio’s RPN Global Lending is more peer-to-peer in its approach; Ethlend of Switzerland works off of the Ethereum blockchain, and touts its decentralized features.

Binance to Partner with Chainalysis for AML

Use of Chainalysis KYT solution will allow to compile with KYC- and AML-norms and also simplify the process of opening bank accounts
18 October 2018   74

The largest exchange by daily trading volume Binance uses software from Chainalysis, called Chainalysis KYT [know your transaction], to monitor real-time transactions and identify transfers related to criminal activity. This is stated in a joint press release.

Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance's lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions.

Jonathan Levin

Co-Founder and COO, Chainalysis

Thus, the use of software from Chainalysis not only guarantee compliance with the KYC- and AML-norms, but also simplify the process of opening bank accounts.

By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth. Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries we serve.

Wei Zhou

CFO, Binance

Chainalysis KYT release was held in April.