The EtherFi platform has announced the launch of the EtherFi Cash Visa credit card, partnering with Scroll, an Ethereum Layer 2 network powered by zero-knowledge technology.
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 card offering. Scroll is currently the sixth-largest Ethereum Layer 2 network with $1.1 billion in total value locked.
Expanding Access and Crypto Rewards
The EtherFi Cash card is available for preorder in several countries, including the UK, Hong Kong, UAE, and various European nations. However, it won’t be available in the US for now. Interested parties can preorder across four tiers, with annual fees ranging from 0.01 ETH ($23) to 1 ETH ($2,300). 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.
EtherFi’s Rapid Growth
EtherFi has amassed over $5.6 billion in total value locked, 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). 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 new EtherFi Cash Visa credit card offers users the opportunity to manage their crypto assets, earn rewards, and partake in an innovative DeFi ecosystem without the need to convert to fiat.
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