Following its token generation event, WAX today announced it will use blockchain-backed loan platform SALT to allow token holders to use WAX as collateral for cash loans. WAX token holders will be able to keep their cryptocurrency assets, including gaming skins and crypto collectibles while accessing cash loans on SALT.
“WAX is a groundbreaking project and we’re excited to welcome them as an early user of SALT,” said Shawn Owen, CEO of SALT. “We created SALT to provide traditional loans secured by non-traditional collateral, and WAX is the perfect example of a community that can benefit from this.”
“36,000 participants joined the WAX token generation event, many of them first-time cryptocurrency users. We’re committed to providing the WAX community the best possible experience, and SALT helps us achieve this,” said Malcolm CasSelle, President of WAX and CIO of OPSkins.
The SALT Lending platform allows holders of blockchain assets to leverage their holdings as collateral for cash loans. SALT is the first asset-backed lending platform to give blockchain asset holders access to cash without having to sell their tokens. SALT also provides investors with an innovative and secure opportunity to lend against a high-growth asset class through a fully-collateralized debt vehicle.
Created by top virtual goods marketplace OPSkins, WAX allows anyone to host their own marketplace to buy and trade securely and with low fees from anywhere in the world. WAX is designed to serve the 400 million gamers who already collect, buy, and sell in-game items with a simple exchange that leverages blockchain technology for transaction verification and recording.