EtherFi, known for its DeFi solutions, has announced the launch of the EtherFi Cash credit card in partnership with the Layer 2 network Scroll. The card promises users impressive rewards and the ability to manage crypto assets without needing to convert to fiat.
Scroll as the Settlement Layer
Scroll will serve as the settlement layer for EtherFi Cash transactions. As a zero-knowledge rollup network, Scroll enhances transaction speed and efficiency, making it a crucial partner for this credit product. Currently, Scroll is the sixth-largest Ethereum Layer 2 network with $1.1 billion in TVL, according to L2beat. The Cash card will allow users to tap into Scroll’s technology, ensuring fast, low-cost transactions with crypto-backed rewards.
Expanding Access and Crypto Rewards
EtherFi 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. Interested parties can preorder across four tiers, with annual fees ranging from 0.01 ETH ($23) to 1 ETH ($2,300). Higher-tier cardholders benefit from lower interest rates and exclusive perks. The card offers 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.
Ether.Fi’s Rapid Growth
EtherFi 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). The protocol pioneered the LRT boom, eliminating technical barriers and allowing users to participate in native restaking via EigenLayer while remaining liquid. Now, 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.
The partnership between EtherFi and Scroll highlights the commitment to expanding user capabilities in the DeFi world, offering innovative solutions for managing crypto assets and earning rewards. The new product will be a significant addition to the EtherFi ecosystem and open new avenues for using cryptocurrencies in everyday life.
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