EtherFi Teams Up with Scroll to Launch EtherFi Cash Visa Credit Card

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by Giorgi Kostiuk

2 years ago

Made with AI

  1. Scroll as the Settlement Layer
  2. Expanding Access and Crypto Rewards
  3. EtherFi’s Rapid Growth


    4. EtherFi has announced the release of the EtherFi Cash Visa credit card in collaboration 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 offering. Scroll is currently the sixth-largest Ethereum Layer 2 network with a total value locked (TVL) of $1.1 billion, according to L2beat. The Cash card will allow users to tap into Scroll’s technology, ensuring fast, low-cost transactions with crypto-backed rewards, according to the EtherFi team.

    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. 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. With EtherFi's Stake and Liquid programs, users can borrow funds against Ether staked or deposit funds in curated vaults.

    EtherFi’s Rapid Growth

    EtherFi has amassed over $5.6 billion in 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 significant growth and development of new products such as EtherFi Cash highlight EtherFi's commitment to innovations in financial technology. The collaboration with Scroll and efforts in expanding access to crypto services reflect their mission to create a more efficient and accessible financial system.

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