- Collaboration between Ether.fi and Scroll
- Functionality of the new credit card
- Ether.fi's position in DeFi
The Ether.fi platform has unveiled a new Visa credit card in partnership with Scroll. The new integration allows Scroll to be used as the settlement layer for the new card.
Collaboration between Ether.fi and Scroll
Ether.fi announced a partnership with Scroll in a post on platform X on September 9. As part of the new project, Scroll will be used as the settlement layer for the Ether.fi Cash credit card.
Functionality of the new credit card
This card will function like a regular Visa card and will be accepted wherever Visa cards are accepted. It is important to note that it is a true credit card, not a preloaded debit card. The partnership aims to create a lending and borrowing market for the new card. The crypto-linked card will allow holders to access fiat credit using their cryptocurrencies as collateral. Ether.fi noted that using Scroll allows them to offer users a faster, cheaper, and more rewarding experience between blockchain and the real world. Users will also gain access to various rewards, including cashback on their crypto holdings, up to 8% for online or offline purchases.
Ether.fi's position in DeFi
Currently, Ether.fi ranks fourth among decentralized finance protocols by total value locked (TVL), exceeding $5.5 billion. According to DeFiLlama, the TVL of Ether.fi reached $6.9 billion in July.
The collaboration between Ether.fi and Scroll represents an important step for the integration of cryptocurrencies and traditional finance. The new product aims to improve the user experience and expand opportunities for cryptocurrency asset holders.
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