EtherFi Cash Visa Credit Card: A New Frontier in Crypto Payments

EtherFi is expanding its offerings with the launch of the EtherFi Cash Visa credit card, created in partnership with Scroll, an Ethereum Layer 2 network. This innovative card allows users to manage their cryptocurrency, earn rewards, and purchase without converting to fiat. With features like crypto-backed loans and automatic repayments, EtherFi Cash aims to offer a cost-effective alternative to traditional credit cards. Read on to learn how Scroll’s technology enhances transaction efficiency and the impact of EtherFi Cash on the DeFi ecosystem.

Trade & invite your friends to earn up to 20 $USDT worth of $HMSTR

1. New users on Bitrue will receive HMSTR tokens worth 10 USDT for their first trade of any spot pair.

2. All users who invite three new users to register on Bitrue and complete any spot trade will receive HMSTR tokens worth 10 USDT.

Click here for more details.

Key Takeaways

• EtherFi Cash Visa credit card allows users to handle crypto, earn rewards, and make purchases without converting to fiat.

• Users can secure loans against crypto assets and repay them automatically using returns from their portfolio.

• Scroll’s zero-knowledge roll-up technology provides faster and cheaper transactions for EtherFi Cash users.

EtherFi Cash Visa Credit Card Launch

As reported by The Defiant, EtherFi has announced the launch of the EtherFi Cash Visa credit card, developed in partnership with Scroll, an Ethereum Layer 2 network utilizing zero-knowledge rollups. This credit card enables users to manage their cryptocurrency, earn rewards, and purchase without converting to fiat currency.

Additionally, the EtherFi Cash credit card allows users to secure loans against their crypto assets, enabling purchases without selling their holdings. This feature helps users continue earning yields while using their crypto as collateral.

Repayments can be automatically covered by the returns generated from the user’s portfolio, offering a more favorable fee structure compared to traditional credit cards, which often have interest rates between 15% and 30%. EtherFi Cash will also support major mobile payment platforms like Apple Pay.

Scroll as the Settlement Layer: Enhancing EtherFi Cash Transactions

The scroll will act as the settlement layer for EtherFi Cash transactions, leveraging its zero-knowledge roll-up technology to provide faster and more efficient transactions. Scroll is the sixth-largest Ethereum Layer 2 network with a total value locked (TVL) of $1.1 billion, according to L2beat. The partnership ensures quick, low-cost transactions with crypto-backed rewards.

EtherFi Cash Card Tiers

EtherFi Cash is available for preorder in countries such as the UK, Hong Kong, UAE, and various European nations, though it is not yet available in the US. The card offers four tiers of access, with annual fees ranging from 0.01 ETH to 1 ETH.

Higher-tier cardholders receive lower interest rates and additional perks, including a 3% cash-back reward on all purchases in cryptocurrency. This aligns with EtherFi’s goal of expanding its DeFi ecosystem through its Stake and Liquid programs. 

EtherFi’s Growth Milestone

EtherFi has achieved significant growth, with over $5.6 billion in TVL, making it the fourth-largest DeFi protocol. This expansion is driven by rising Ethereum prices and increased interest in liquid restaking tokens (LRTs).

The launch of EtherFi Cash marks another milestone in EtherFi’s portfolio, which includes its Stake and Liquid programs. Starting September 16, EtherFi Cash will be shipped to pre-order customers, further enhancing the protocol’s offerings.

Attention all $DOGS holders! New Launchpool is live on Bitrue. Stake $DOGS to share 50,000 $HMSTR prize pool!

How can I participate in Launchpool to earn tokens?

After completing the KYC verification, as long as your spot account has designated tokens and the balance reaches the minimum staking limit amount, you can participate and redeem it anytime. Click here for more details.

Conclusion

The launch of the EtherFi Cash Visa credit card marks a significant development for EtherFi and the broader DeFi ecosystem. By leveraging Scroll’s advanced technology, EtherFi Cash offers a seamless way to manage cryptocurrency transactions while providing the benefit of crypto-backed loans.With its competitive fee structure and integration with major mobile payment platforms, EtherFi Cash aims to transform how users interact with their digital assets. As EtherFi continues to grow, this new product further solidifies its position in the DeFi space.

FAQ

What is the EtherFi Cash Visa credit card?

The EtherFi Cash Visa credit card is a financial product that allows users to manage their cryptocurrency, earn rewards, and make purchases without converting to fiat currency.

How does the EtherFi Cash credit card work with crypto assets?

The card enables users to secure loans against their crypto assets and automatically repay using returns from their investment portfolio, offering a more cost-effective solution compared to traditional credit cards.

Why is Scroll important for EtherFi Cash transactions?

Scroll acts as the settlement layer, utilizing zero-knowledge rollup technology to enhance transaction speed and reduce costs, ensuring efficient and low-cost transactions for EtherFi Cash users.

Register now! Secure your spot to enjoy up to 100% cashback! Invite new users to reserve and share a $10,000 USDT prize pool! Click here for more details.