SALT and Cion Digital launch crypto lending solutions for auto dealers

SALT and Cion Digital launch crypto lending solutions for auto dealers

Crypto lending firm SALT and blockchain orchestration platform Cion Digital have announced a strategic partnership to launch SALT’s crypto lending solution to more than 5,000 US auto dealerships in the United States.

With SALT’s Embedded Crypto Lending Service, fintech platforms and financial service providers will be able to promptly deploy crypto financing solutions.

SALT, founded in 2016, was the first to provide crypto-backed loans and has been focusing on optimizing its technology and service operations. The firm was able to develop a full-stack loan management and risk platform that can manage complex crypto loans at a large scale.

With Embedded Crypto Lending, the firm is bringing this technology to other platforms and assisting them to advance their mission of offering new products to customers.

Justin English, CEO, SALT, stated that the firm has been building its D2C consumer lending business with the embedded model from the beginning. He added that the company looks forward to facilitating market participants, such as crypto native wallets and exchanges, traditional financial institutions, as well as neobanks, to digitize their platforms in order to accommodate the growing demand for crypto.

By teaming up with Cion Digital, which recently partnered with CarNow which has a network of around 5,000 dealers, car buyers can use the crypto they own as collateral for loans at the point-of-sale, make down payments for their vehicle, or pay in full.

Fred Brothers, Co-founder and President, Cion Digital, expressed the firm’s excitement in partnering with SALT and being able to offer its extensive network of deals with the ability to introduce a new point-of-sale financing option. Brothers said that the new option is usually a lower-cost loan in comparison to other traditional ones. 

He added that with nearly half of the millennial generation owning crypto, Cion Digital is working on increasing dealer capabilities of the market for buyers who want more options for payment and financing at the dealership.

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