Key Points
Ether.fi, a liquid restaking platform, has announced a collaborative effort with Scroll, a native zero-knowledge layer 2. The partnership aims to launch a new Visa-enabled credit card and wallet app. The ether.fi (ETHFI) team made the announcement in a post on Sept. 9.
Details of the Partnership
According to Ether.fi, the partnership will facilitate the use of Scroll as the settlement layer for the card, named ‘ether.fi Cash’ card. This card will operate like a standard Visa card, accepted wherever Visa is used. The card is a true credit card, not a preloaded debit card.
The goal of the partnership is to create a lending and borrowing market for the new credit card. The card linked to cryptocurrency will allow holders to access fiat credit using their cryptocurrencies as collateral.
Ether.Fi’s decision to collaborate with Scroll aims to provide a faster, cheaper, and more rewarding onchain meets real-world experience for users. Users will also have access to rewards, including cash back on their crypto holdings. The Ether.fi Cash card will support everyday purchases and offer up to 8% cash back, available to users completing online or in-store transactions.
Ether.fi is currently ranked as the fourth-largest decentralized finance protocol by total value locked, with over $5.5 billion. According to DeFiLlama, the platform’s TVL peaked at $6.9 billion in July.
