via SaltLending.com

SALT (SALT), an issuer of cryptocurrency-backed loans, announced this week that it now accepts Dogecoin (DOGE), the cryptocurrency named after the popular meme, as a collateral option.

According to the announcement, SALT users can now leverage their DOGE holdings to secure a USD loan. SALT already supports Bitcoin, Ethereum and Litecoin as collateral options on its platform.

“Dogecoin has a rich history and incredible support from its community, is widely traded, offers high liquidity, and is built using the Bitcoin code base — all factors that make it not only a viable asset to loan against, but an obvious collateral choice for SALT, as it enables the company to connect with the broader crypto community in a fun, approachable way,” said the SALT team.

This news comes the same week that Nexo (NEXO), a competing crypto lending platform, added XRP as a collateral option. Interestingly, Nexo even previously offered to acquire the outstanding assets held by SALT. While the move did not go through, it was an early example of the potential for crypto M&A.

DOGE currently holds a $524 million market cap, making it the 20th largest coin in the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens.

More: VERY LENDING, MUCH LIQUIDITY: SALT Adds Dogecoin as Latest Collateral Option
Similar: Crypto Loan Platform Nexo Adds XRP as a Collateral Option

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.