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

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As a researcher with a keen interest in blockchain technology and decentralized finance (DeFi), I find the partnership between Ether.fi and Scroll to be an exciting development. With my background in fintech and digital assets, I’ve seen numerous projects come and go, but Ether.fi has consistently shown promise due to its significant position within the DeFi ecosystem.

The Ethereum-based liquid staking platform, Ether.fi, has revealed a collaboration with the indigenous zero-knowledge layer 2 solution, Scroll, to introduce a fresh Visa-compatible credit card and digital wallet application.

On September 9th, the ether.fi (ETHFI) team announced their partnership in a post. According to the Ethereum (ETH) restaking platform, this collaboration enables ether.fi to utilize Scroll as the underlying layer for the settlement of its ‘ether.fi Cash’ card.

Borrow and lend

This card operates similarly to a standard Visa card, and can be used at any location that accepts Visa payments. What sets it apart is that it’s a genuine credit card, unlike a prepaid debit card that’s already loaded with funds.

As reported by Ether.fi, this partnership is designed to establish a platform for lending and borrowing specifically for the innovative credit card. This crypto-associated card empowers users to acquire fiat credit by leveraging their digital currencies as security.

Ether.Fi announced that they are teaming up with Scroll, enabling them to provide a swifter, less expensive, and more advantageous on-chain to real-world interaction for their users. This collaboration also grants users access to incentives like cashback on their digital currency holdings. The Ether.fi Cash card will facilitate everyday purchases and offer up to 8% cashback rewards, which can be claimed during online or in-store transactions.

At the moment, Ether.fi ranks as the fourth largest Decentralized Finance (DeFi) platform in terms of total value secured, currently exceeding $5.5 billion. As per DeFiLlama’s data, the platform’s total value locked (TVL) peaked at around $6.9 billion back in July.

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2024-09-09 17:25