Ether.fi partners Scroll to unveil new Visa ‘Cash’ card

crypto.news

2024-09-09 06:24:09

Abstract generation in progress

Liquid restaking platform Ether.fi has announced a partnership with native zero-knowledge layer 2 Scroll to launch a new Visa-enabled credit card and wallet app.

The ether.fi (ETHFI) team revealed the collaboration in a post on X on Sept. 9. Per the Ethereum (ETH) restaking platform, the alliance allows it to use Scroll as the settlement layer for its card dubbed ‘ether.fi Cash’ card.

Borrow and lend

This card will function like a typical Visa card and will be accepted wherever Visa is available. More importantly, the card is a true credit card, not a preloaded debit card.

According to Ether.fi, the partnership aims to enable a lending and borrowing market for the new credit card. The crypto-linked card will allow holders to access fiat credit using their cryptocurrencies as collateral.

Ether.Fi said its decision to work with Scroll “allows us to offer our users a faster, cheaper, and more rewarding onchain meets real-world experience. Users will also benefit from access to rewards, including cash back on their crypto holdings. The Ether.fi Cash card will support everyday purchases and offer up to 8% cash back, which will be available to users completing online or in-store transactions.

Ether.fi is currently the fourth-largest decentralized finance protocol by total value locked, with over $5.5 billion. According to DeFiLlama, the platform’s TVL reached $6.9 billion in July.

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