Liquid restaking protocol Ether.fi has announced the launch of a 'crypto-native' credit card built on Ethereum layer-2 scaling network Scroll.
Liquid restaking protocol Ether.fi has announced the launch of a 'crypto-native' credit card built on Ethereum layer-2 scaling network Scroll. Dubbed Ether.fi Cash, the Visa credit card is designed to enable users to make purchases with cryptocurrency "anywhere Visa is accepted," according to a recent announcement on the X platform. The card comes in four tiers, named after popular crypto memes: Pepe, Wojak, Chad, and Whale.
One of the card's standout features is its non-custodial nature. Unlike traditional crypto cards, Ether.fi Cash allows users to keep their cryptocurrency in their own wallets, eliminating the need for transfers to separate accounts.
The card offers a unique financing option, allowing cardholders to borrow against their crypto collateral. This includes leveraging assets such as eETH (Ether.fi staked ETH) and other yield-bearing assets. In the near future, users will also have the ability to settle their card balances using native yields from their crypto holdings.
By integrating decentralized finance (DeFi) functionality with a traditional credit card, Ether.fi aims to provide users with unprecedented flexibility in managing their crypto assets. Scroll, the layer-2 network supporting this initiative, emphasizes that this fusion allows users to "hold onto your crypto while leveraging it to do more than ever before."
The launch of Ether.fi Cash comes at a time when crypto-friendly payment cards are gaining traction in the financial landscape. Major players like Coinbase, Crypto.com, and Gemini have already established themselves in this space. However, Ether.fi's offering stands out due to its deep integration with DeFi protocols, a feature that is relatively rare in the current market.
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