The State bank of Mauritius to introduce Bitcoin loan and Ethereum loan
Mauritius’ second largest bank, the State Bank of Mauritius (SBM) announced that it will be accepting Bitcoin and Ethereum as collaterals for the loan. The SBM is up to kick-start this Bitcoin loan and Ethereum loan service in collaboration with the FinTech company- Secured Automated Lending Technology(SALT).
SALT’s say on Bitcoin loan and Ethereum loan –
With this new move, SALT is expecting to take the technology to the next level of implementation. For this, SALT has developed a lending platform that allows people to use their digital currencies as collateral for loans and credits. Moreover, the technology offers the liberty to repay the loan in various national currencies including the US Dollar and the Euro. Benjamin Yablon, the Co-Founder of SALT said:
“Developing and implementing the technology on an industrial scale is the next step”.
He further stated that such collaborative initiatives can actually unveil the unexplored potential that blockchain technology has. He believes that blockchain technology can efficiently take the financial sector to the next level.
“Our partnership with SBM can help financial institutions realize this potential, bringing new levels of efficiency and revenue. With forward-thinking institutions like SBM as partners, SALT has the potential to provide its services to even more global blockchain community,” he added.
As far as Bitcoin loan technology is concerned, SALT is already a step ahead. Their lending platform is based on Ethereum Blockchain that incorporates industry-standard Ethereum ERC20 smart contracts. The venture generates revenue through transaction fees and licensing.
Words from SBM’s desk
Welcoming the new turn, Kwong Wing, the Chairperson at SBM Group seems to strongly believe in this SBM-SALT partnership. He sees it as an opportunity to expand the scope and reach of SBM’s services globally by offering the borrowers, the liberty to use Bitcoin and Ethereum against the loan.
“This relationship can enable the SBM to increase the scope and scale of its reach, providing an effective manner in which to participate with the world’s most rapidly expanding asset classes,”- Kwong Wing
Yablon also seems to be on the same page, as Wing. He says that this collaboration offers a platform for the adoption of innovative blockchain technology for the expanding market. Furthermore, he expects the collective growth of both the entities to propel as the users begin to get familiar with the “SALT’s protocol and “asset agnostic distributed ledger based architecture”.