SALT & Cion Digital to bring point-of-sale crypto lending solutions to dealers
Last week, SALT and Cion Digital announced a strategic partnership to bring SALT’s crypto financing solutions to more than 5,000 auto dealerships in the U.S.
The development marks the launch of SALT’s Embedded Crypto Lending Service, which will enable financial service providers and fintech platforms to rapidly deploy crypto financing solutions.
Having launched in 2016, SALT was one of the first platforms to offer crypto-backed loans and has since been focused on optimizing its lending technology and servicing operations.
Over the past few years, the company said it has built a full stack loan management and risk platform that manages complex crypto loans at scale. With the launch of Embedded Crypto Lending, SALT highlighted that is bringing this technology to other platforms, helping them further their mission to offer new and novel products to their customers.
“We’ve been building our direct-to-consumer lending business with the embedded model in mind from the start,” SALT chief executive officer Justin English said in a news release.
“From crypto native wallets and exchanges to large neobanks and traditional financial institutions, market participants are increasingly intent on digitizing their platforms to accommodate the ever-growing demand for crypto, and we’re excited to help facilitate the transformation,” English continued.
By partnering with Cion Digital, which recently announced a collaboration with CarNow and its network of nearly 5,000 dealers, vehicle buyers will be able to use their crypto as collateral for loans at point-of sale at highly competitive rates.
Buyers will also be able to use crypto to make a down payment or pay for a vehicle in full.
“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,” said Fred Brothers, president and co-founder of Cion Digital.
“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.”
Visit SALT’s Embedded Crypto Lending page or contact firstname.lastname@example.org to learn more.
Dealers interested in learning more about this new point-of-sale financing option can contact Cion Digital at email@example.com.