Ether.fi, a liquid restaking platform, announced that it has partnered with Scroll’s native layer 2, zero-knowledge to create a Visa enabled credit card app and wallet.
The ether.fi is a (ETHFI) team revealed the collaboration in a post on X on Sept. 9. According to the Ethereum (ETH) restaking platform, the alliance allows it to use Scroll as the settlement layer for its card dubbed ‘ether.fi Cash’ card.
Borrow and lend
This card is accepted everywhere Visa is offered. It is important to note that the card functions as a credit card and not a pre-loaded debit card.
Ether.fi claims that this partnership is aimed at enabling a market of lending and borrowing for the new card. This crypto-linked credit card allows holders to borrow fiat money using their cryptocurrency as collateral.
Ether.Fi announced its decision on work Scroll “allows for us to give our users an onchain meet real-world that is faster, cheaper and more rewarding.” They will receive rewards including cash back for their crypto assets. Ether.fi will provide a cash card that will allow users to make everyday purchases. Users can earn up to 8 percent of their purchase price back.
With over $5.5 billion, Ether.fi ranks as the 4th largest decentralized financial protocol in terms of total value. According to DeFiLlamaThe TVL of the platform reached $6,9 billion dollars in July.
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Source: crypto.news