After less than a year in business, blockchain tech company Salt Lending is expanding in Denver.
Salt, which provides cash loans for its members using cryptocurrency or other blockchain assets as collateral, started with six employees when it launched last June.
Now, the startup employs 70 people, and is moving into a new 25,000-square-foot office this month. And the hiring isn’t slowing down anytime soon.
“We have 10 positions open right now with another 10 waiting in the wings,” chief marketing officer Jennifer Nealson said, adding that Salt is hiring for marketing, engineering and customer support.
Nealson credits the boom in blockchain and cryptocurrency globally for Salt’s increase in growth.
“Denver is quickly becoming a blockchain hub,” Nealson said. “This is a global market. Denver is being recognized globally as a center point for blockchain activity.”
Salt joins other companies in the digital asset and cryptocurrency industries, including ShapeShift, a platform for trading cryptocurrencies and other digital assets, as well as blockchain agency Ideas by Nature.
Salt was founded by Caleb Slade, Blake Cohen and Shawn Owen. Since incorporating in 2016 and launching its platform in 2017, Salt has helped its 12,000 active members secure cash loans by using their cryptocurrency and blockchain assets as collateral. Salt borrowers can be individual people or businesses, but Nealson said the majority are businesses. So far, Salt has funded $40 million in loans to its members.
“What we’re doing is bridging the gap between the cryptocurrency or blockchain (industry) and traditional finance,” Nealson said. “It’s continuing to grow at an astronomical pace.”
The minimum a Salt customers can borrow is $5,000; there is no maximum. Interest rates vary. The first payment on the loan is due between 15 and 45 days after the borrower receives the money.
Salt’s revenue comes from memberships that start at $27.50 per year. Nealson said the company is profitable.