Liquid restaking platform Ether.fi has announced a partnership with native zero-knowledge layer 2 Scroll to launch a new Visa-enabled credit card and wallet app.
The ether.fi (ETHFI) team revealed the collaboration in a post on X on Sept. 9. Per the Ethereum (ETH) restaking platform, the alliance allows it to use Scroll as the settlement layer for its card dubbed ‘ether.fi Cash’ card.
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Borrow and lend
This card will function like a typical Visa card and will be accepted wherever Visa is available. More importantly, the card is a true credit card, not a preloaded debit card.
According to Ether.fi, the partnership aims to enable a lending and borrowing market for the new credit card. The crypto-linked card will allow holders to access fiat credit using their cryptocurrencies as collateral.
Ether.Fi said its decision to work with Scroll “allows us to offer our users a faster, cheaper, and more rewarding onchain meets real-world experience. Users will also benefit from 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, which will be available to users completing online or in-store transactions.
Ether.fi is currently the fourth-largest decentralized finance protocol by total value locked, with over $5.5 billion. According to DeFiLlama, the platform’s TVL reached $6.9 billion in July.
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