Ether.Fi Partners with Scroll to Launch Crypto-Backed Visa Credit Card

CoinMarketCap09-16 22:44

EtherFi restaking platform announced to launch the EtherFi Cash Visa credit card, partnering with Scroll, an Ethereum Layer 2 network powered by zero-knowledge technology. 1/ We have partnered with...

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With up to 8% cash back, the card offers unprecedented rewards!Pre-order at https://t.co/DvTwrMIbBI 🧵 👇 pic.twitter.com/etdgsZV1F0— ether.fi (@ether_fi) September 9, 2024\n\n\nUsing the credit card, users can manage their crypto, earn rewards, and make purchases without ever needing to convert to fiat, according to a recent report from The Defiant.\nMoreover, with the EtherFi Cash credit card, users can reportedly secure loans against their crypto assets to make purchases without having to sell them. This allows them to continue earning yields while using their crypto as collateral. \nRepayments on the card can be covered automatically through the returns generated by the user’s portfolio.\nThis system reportedly offers advantages over traditional credit cards, which often come with interest rates ranging from 15% to 30%. EtherFi Cash users will instead benefit from a fee structure tied to the DeFi market.\nEtherFi Cash will be compatible with major mobile payment platforms like Apple Pay, per reports.\nScroll as the Settlement Layer\nScroll will serve as the settlement layer for EtherFi Cash transactions. Per reports, as a zero-knowledge rollup network, Scroll enhances transaction speed and efficiency, making it a crucial partner for this credit card offering. \nScroll is currently the sixth-largest Ethereum Layer 2 network with $1.1 billion in TVL, according to L2beat.\nThe Cash card will allow users to tap into Scroll’s technology, ensuring fast, low-cost transactions with crypto-backed rewards, according to the EtherFi team.\nExpanding Access and Crypto Rewards\nEtherFi Cash is available for preorder in several countries, including the UK, Hong Kong, UAE, and various European nations. However, the card won’t be available in the US for the time being. \nInterested parties can preorder across four tiers, with annual fees ranging from 0.01 ETH ($23) to 1 ETH ($2,300). \nHigher-tier cardholders benefit from lower interest rates and exclusive perks.The cardholders will benefit from a 3% cash-back reward on all purchases, with no restrictions. These rewards are earned in cryptocurrency, in line with EtherFi’s vision of creating a comprehensive DeFi ecosystem.\nWith EtherFi's Stake and Liquid programs, users can borrow funds against Ether staked or deposit funds in curated vaults. \nEther.Fi’s Rapid Growth\nEtherFi amassed over $5.6 billion in total value locked (TVL), making it the fourth-largest DeFi protocol. The growth was fueled by a rally in Ethereum prices and renewed interest in liquid restaking tokens (LRTs). \nThe protocol pioneered the LRT boom, eliminating technical barriers and allowing users to participate in native restaking via EigenLayer while remaining liquid.\nNow, EtherFi’s Cash product adds to its existing portfolio, which includes its Stake and Liquid programs. On September 16, EtherFi Cash will begin shipping to pre-order customers, marking a milestone for the protocol.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"Company Corporation,Product Release","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.26.4","shortVersion":"4.26.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2467418958"}