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Ether.fi, a liquid restaking protocol, has launched a ‘crypto-native’ credit card, Ether.fi Cash, which will settle transactions on Scroll, an Ethereum layer-2 scaling network. This is according to a Sept. 9 post on X.

Traditionally, using crypto for everyday purchases required selling your digital assets. Ether.fi Cash changes this by allowing users to borrow against their crypto collateral for purchases, letting you earn yields on your assets while enjoying the convenienceof a credit card.

The card offers a competitive 3% cash-back reward with no limits, appealing to crypto enthusiasts and anyone looking for a feature-rich credit card. As a Visa card, Ether.fi Cash is compatible with popular mobile payment platforms like Apple Pay, further enhancing its usability.

Sandy Peng, co-founder of Scroll, emphasized the affordability of the  card and said:

If you put 10 Ethereum into Aave and use this credit card, then for you, it’s going to be the cheapest credit card in the world that you can find.

Sandy Peng

Ether.fi’s card offers unique tiers and integrates DeFi for enhanced control

The card, branded for degens, offers different tiers named Pepe, Wojak, Chad, and Whale and supports borrowing against assets like Ether.fi’s liquid restaking token (eETH), Liquid Vault LP tokens, and other yield-bearing crypto assets. The liquid restaking protocol says cardholders will soon be able to pay their balance using native yields, allowing them to leverage decentralized finance (DeFi) features while maintaining control of their crypto.

Coinbase, Crypto.com, Gemini, and on-chain wallet provider Gnosis are among the most well-known brands of crypto-friendly payment cards. This is because stablecoins like USDC may be instantly converted into fiat cash for free.

The liquid restaking protocol highlights expanding crypto card market

According to Verified Market Research, the global crypto credit card market, valued at $97 billion in 2023, is projected to reach $152 billion by 2030.

Launched in 2023, Ether.fi is making headlines by allowing users to stake Ether and its derivatives, like Lido’s stETH, in restaking pools for tradable LRTs. The protocol has amassed over $5.5 billion in total value locked (TVL), according to DefiLlama. While restaking—using staked tokens to secure multiple protocols—is an emerging concept, Ether.fi’s CEO, Mike Silagadze, notes that the associated risks are not fully understood, and much of the yield is currently speculative.

Due to regulatory concerns, the card will not be available in the United States; nevertheless, the card will be available in the United Kingdom, Hong Kong, Brazil, France, and other countries.

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