Ether.fi partners Scroll to unveil new Visa ‘Cash’ card

Liquid retaking platform Ether.fi has announced a partnership with native zero-knowledge layer 2 cryptocurrency Scroll to launch a new Visa-compatible credit card and wallet application.

The Ether.fi (ETHFI) team announced the collaboration in a post on X on September 9. According to the Ethereum (ETH) retaking platform, the alliance allows it to use Scroll as the payment layer for its token called ‘ether.fi Cash’.

Borrow and lend

This card will work like a typical Visa card and will be accepted wherever Visa is available. More importantly, the card is a real credit card, not a pre-loaded debit card.

According to Ether.fi, the partnership aims to provide a lending and borrowing marketplace for the new credit card. The crypto-linked card will allow holders to access fiat credit using their cryptocurrencies as collateral.

Ether.Fi said the decision to work with Scroll “enables us to deliver a faster, cheaper, and more rewarding on-chain real-world experience for our users.” Users will also benefit from access to rewards, including cash back on crypto assets. The Ether.fi Cash card will support everyday purchases and will offer up to 8% cash back to users who complete online or in-store transactions.

Ether.fi is currently the fourth-largest decentralized finance protocol by total locked value at over $5.5 billion. According to DeFiLlama, the platform’s TVL reached $6.9 billion in July.