TL;DR
- Ether.fi is launching the ‘Cash’ credit card in collaboration with Scroll, allowing the use of cryptocurrencies as collateral and offering a 3% cash-back reward.
- The card, available from September 16, is compatible with mobile payment providers like Apple Pay and will enable gasless transactions.
- The card will not be available in the United States due to uncertain regulations on decentralized finance, but it will be distributed in several countries.
Ether.fi is introducing an innovative ‘Cash’ credit card in collaboration with the Scroll Layer 2 network on Ethereum.
This new product aims to revolutionize the use of crypto assets in daily transactions. It will allow users to use their cryptocurrencies as collateral for fiat purchases. The card, which will be available to pre-order customers starting September 16, offers an attractive 3% cash-back on all transactions with no additional restrictions.
.@ether_fi and Scroll have partnered to make Scroll the settlement layer of real world transactions for https://t.co/ayyQbLwu5v Cash.https://t.co/ayyQbLwu5v Cash will offer the highest cash back of any credit card globally!
Take a look at what's coming ⬇️🧵 pic.twitter.com/fHcrQq29gG
— Scroll (@Scroll_ZKP) September 9, 2024
Ether.fi Cash is designed to integrate with mobile payment providers like Apple Pay, facilitating its use across various platforms. Unlike many traditional credit cards, this new product will enable holders not only to make purchases but also to earn yields on their crypto assets while continuing to use the card. This feature adds to Ether.fi Cash’s value proposition, differentiating it in a market saturated with crypto cards.
The collaboration with Scroll aims to improve transaction efficiency and reduce associated fees. Scroll will enable gasless transactions, potentially eliminating additional costs for cardholders. This approach aligns with Ether.fi’s mission to provide an optimized and accessible user experience, facilitating the integration and use of cryptocurrencies in everyday life.
Ether.fi Will Not Be Able to Launch the Card in the United States
Sandy Peng, co-founder of Scroll, stated that the network hosts one of the largest markets for the Aave lending platform. According to Peng, users who deposit Ethereum into Aave and use the Ether.fi Cash card will benefit from the most economical card available compared to other market options.
It is crucial to note that the card will not be available in the United States due to the uncertain regulatory situation regarding decentralized finance in the country. However, the card will be distributed in several countries, including the UK, Hong Kong, UAE, Thailand, Brazil, Turkey, France, Germany, Italy, Portugal, Spain, Denmark, Estonia, Netherlands, Poland, and the Czech Republic.
Ether.fi and Scroll hope that this new product will make a difference in the credit card market, offering an attractive alternative for both cryptocurrency users and those who have stayed outside the crypto world. The promise of high cash-back rewards and integration with Ethereum’s infrastructure aims to attract a wide range of consumers interested in an innovative financial product
