- Ether.fi has advanced plans for its “Cash” credit card.
- The protocol has partnered with a layer 2 network as the settlement layer of the card’s transaction.
- The network will facilitate other DeFi services accessible to the card’s users.
Ethereum-based liquid restaking protocol Ether.fi has partnered with layer 2 network Scroll for the upcoming launch of its new blockchain-based credit card.
Per the protocol’s roadmap, the Ether.fi Cash card provides a real-life spending account allowing users to make payments and borrow against their Ether.fi balance in the “real world.” On Monday, Ether.fi announced its plan to bring the credit card to the market, with Scroll as the settlement layer of transactions.
The Ether.fi Cash Credit Card
In an X post on September 9, Ether.fi said its Cash product “is an actual credit card” that can be used anywhere Visa is accepted, a mainstream use case that is likely to raise crypto adoption notches.
Sponsored
As Ether.fi Cash’s settlement layer, Scroll will facilitate “gasless” transactions within the card and provide users with an efficient and secure lending and borrowing market.
“Unlike pre-loaded debit cards others offer, Cash is a genuine credit card–you’ll be able to use your crypto as collateral, borrow against it to make purchases with your card, and automatically pay the balance off with native yields,” the L2 network wrote on X.
Ether.fi has opened the card for preorders, promising users a 3% cash-back incentive on all transactions without restrictions when it launches officially. The card will be issued as a physical VISA card and will include a mobile MPC wallet that connects to users’ Ether.fi accounts, allowing them to top up the card directly with their balance.
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