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Ether.fi Launches Blockchain Credit Card with 3% Cash-Back and Crypto Collateral through Scroll Partnership

Ether.fi has introduced the Ether.fi Cash card. This blockchain-based credit card offers a 3% cash-back on all purchases, with no restrictions in place. It's designed to attract users who may not be familiar with crypto.

By partnering with Scroll, an Ethereum Layer-2 network, Ether.fi is bringing this innovative card to market. With the Ether.fi Cash card, users can spend fiat while using their crypto assets as collateral.

This card aims to change how people use their crypto holdings. You can keep your digital assets, earn yield, and make everyday purchases without needing to sell your cryptocurrencies.

The card will first be available internally at Ether.fi, with shipments to pre-order customers starting on September 16. Users can expect crypto-based rewards and improved transaction efficiency through Scroll's network, which supports the card's decentralized finance (DeFi) features.

Sandy Peng, co-founder of Scroll, emphasized the affordability of the Ether.fi Cash card. She 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.”

The Ether.fi Cash card is designed to be more accessible than traditional credit cards. It offers 3% cash-back on all purchases with no limits. Plus, it will be issued as a physical Visa card, compatible with mobile payment platforms like Apple Pay.

Mike Silagadze, co-founder of Ether.fi, noted that the initial users will likely be “crypto degens” or DeFi enthusiasts. But the long-term goal is to reach a wider audience.

“There’s just no other card that gives you 3% cash-back without crazy restrictions,” Silagadze stated. Peng added, “It’s genuinely a better credit card product” rather than just another crypto offering.

Scroll’s zero-knowledge rollup technology is a key feature of Ether.fi Cash, allowing for cheaper and faster transactions. Scroll was chosen as the card’s settlement layer partly because it reduces gas fees, making gasless transactions possible.

Peng emphasized the user-friendly experience, saying, “No one cares about what chain you’re on; people just care about whether it’s a good product.”

While the Ether.fi Cash card won’t be available in the U.S. due to regulatory concerns, it will be offered in countries like the UK, Hong Kong, Brazil, France, and several others. This strategic move aligns with Ether.fi's goal of making crypto spending more mainstream.

The launch of this credit card and its potential impact on both crypto and traditional finance will be hot topics at Benzinga's Future of Digital Assets event on November 19.