Cryptocurrency lending platform SALT lending has added support for Dash for loan collateral, including support for masternodes.
We’re happy to announce Dash (@dashpay) as our latest loan collateral type. Read more about this newest addition: https://t.co/IvbF9jkx9Z Welcome aboard Dash enthusiasts! @Dash_Nation @AmandaB_Johnson @RTaylor05 @KennETHbosak @mattmeek_dash #dash pic.twitter.com/6Ivqo7myzu
— SALT (@SALTLending) April 9, 2019
In a post today, SALT lending announced the addition of support for Dash as a collateral option for loans. According to the post, Dash was added because the team saw its long-term viability and impressive present-day adoption, and because of the masternode network’s innovations:
“Like other cryptocurrencies, Dash enables anyone, anywhere in the world to make quick, easy and cheap payments at any time without going through a central authority.
Given its long-term viability, its numerous use cases, and its level of adoption, Dash is an appealing collateral form for our platform. Aside from that, we chose Dash as our next collateral type for two primary reasons:
1. We support the Dash community and its mission
2. We respect Dash’s two-tier network and use of masternodes to maintain the health of their blockchain”
Previously, SALT supported a limited number of cryptocurrencies for collateral deposits, with Dash available via ShapeShift. Now, Dash collateral is supported directly without prior conversion.
SALT now allows Dash users to run a masternode while using it for collateral
In addition to simply adding Dash as a collateral option for loans, SALT has also added explicit support for using masternodes as collateral while maintaining them operational:
“Better yet, if you own DASH that’s being used for a masternode, we’ve also developed a way for you to maintain your masternode status, voting rights and payouts and still use it as loan collateral. To do so, follow these instructions before you deposit your DASH into your SALT collateral wallet.”
Operating a Dash masternode requires a user to own 1,000 Dash, and operating the node allows the user to both vote on treasury proposals and receive recurring rewards, however moving the collateral brings the node offline. SALT’s new system allows users to maintain their masternode operational, continue to receive recurring masternode rewards, and continue to vote on proposals, all while using the associated funds as collateral for a loan.
The next step in living entirely off of Dash
The addition to Dash as a collateral option, as well as masternode support, facilitates the use of Dash as a complete currency. Proof of resources, including bank account balances, are often required for obtaining leases, loans, and other important elements to a typical financial structuring. These are often not possible with cryptocurrency, and holders sometimes may resort to selling their cryptocurrency holdings in order to provide proof of resources. Allowing for collateral in Dash for loans facilitates the substitution of Dash for fiat currency, and the maintaining of masternodes in conjunction with SALT allows a masternode holder to maintain their investment while receiving recurring income and obtaining loans and more.
This post was originally published on DashNews. Bitnewsbot curates, examines, and summarizes news from external services while producing its own original material. Copyrights from external sources will be credited as they pertain to their corresponding owners.