Cryptocurrency lending company Salt Blockchain Inc. has announced a strategic partnership with blockchain orchestration company Cion Digital Inc. to bring cryptocurrency lending to auto dealerships in the U.S.

The partnership will make crypto-lending solutions available in more than 5,000 auto dealerships. It marks the launch of SALT’s Embedded Crypto Lending Service, which enables financial service providers and financial technology platforms to deploy crypto financing solutions rapidly.

The choice to partner with Cion Digital was led by Cion recently announcing a collaboration with CarNow Inc., a company that offers digital retailing services to the automotive company. Under that partnership, Cion Digital provides ways for customers to purchase and finance vehicles using cryptocurrency via integration with CarNow’s Real-Time Retail platform.

SALT links into the CarNow and Cion Digital partnership by allowing buyers to use their cryptocurrency as collateral for loans at the point of sale at competitive rates. Under the service, car buyers will also be able to use crypto to make a down payment or pay for a vehicle in full.

“We’ve been building our direct-to-consumer lending business with the embedded model in mind from the start,” SALT Chief Executive Officer Justin English said in a statement. “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.”

With Cion Digital becoming its first official partner, SALT says it’s experiencing increased demand for its Embedded Crypto Lending solution and expects to announce additional partners this year.

Founded in 2016, SALT is a pioneer in the crypto-backed lending market and was the first company to offer a crypto-based credit card. The company offers flexible loan and credit card terms, does not require credit checks and accepts multiple crypto assets as collateral for its credit products, including cryptocurrencies, stablecoins and tokenized gold.

The company spoke to John Furrier, host of theCUBE, SiliconANGLE Media’s mobile live stream solution, in 2018. Then CEO and current SALT board member Shawn Owen discussed how the company operates and how cryptocurrency makes a perfect form of collateral:

Image: SALT