The LaaS concept isn’t limited to just traditional lending anymore. SALT, a pioneer in crypto-backed lending, announced a Lending-as-a-Service tool that will enable up to 5,000 auto dealerships the ability to offer crypto-collateralized car loans. It’s called Embedded Crypto Lending and made possible through a partnership with Cion Digital.
“We’ve been building our direct-to-consumer lending business with the embedded model in mind from the start,” said SALT’s CEO Justin English. “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.”
Car buyers will be able to user their crypto as collateral for car loans, often at a lower cost than alternatives, while at the same time being able to pay for a car in full with crypto or at least use it to make a down payment.
“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,” said Fred Brothers, President and Co-founder of Cion Digital.