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Many Loan: Crypto Lender SALT Now Takes Dogecoin as Collateral

Dogecoin’s profile has been on the rise in recent months as investors have flocked to the altcoin while leaving others out in the cold.

Cryptocurrency investors have another way to access capital without having to liquidate their portfolios. SALT Lending, which has issued more than $50 million in blockchain-backed loans, is capitalizing on the liquidity in dogecoin and has begun offering loans in USD collateralized by longtime crypto darling DOGE.

SALT promoted the coin addition subtly on social media by adding Doge, a “Japanese dog breed Shiba Inu” who is the dogecoin mascot, to its Twitter profile. In addition to dogecoin, SALT also supports loans backed by litecoin (LTC), Bitcoin (BTC) and ethereum (ETH).

“The majority of loans are collateralized by bitcoin, though some loans are collateralized by ethereum, litecoin or a combination of the three. We are excited to have Doge as our newest collateral type,” Jennifer Nealson, SALT’s chief marketing officer.

DOGE boasts a market cap of $500 million and trades on many popular cryptocurrency exchanges with one notable exception, Coinbase. While rumors have been circulating that Dogecoin community leaders are pursuing a Coinbase listing, the DOGE team rebuffed those claims.

“Dogecoin is a cryptocurrency like bitcoin, although it does not use SHA256 as its proof of work (POW). Taking development cues from Tenebrix and litecoin, dogecoin currently employs a simplified variant of scrypt.”

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