EtherFi restaking platform announced to launch the EtherFi Cash Visa credit card, partnering with Scroll, an Ethereum Layer 2 network powered by zero-knowledge technology. 

Using the credit card, users can manage their crypto, earn rewards, and make purchases without ever needing to convert to fiat, according to a recent report from The Defiant.

Moreover, with the EtherFi Cash credit card, users can reportedly secure loans against their crypto assets to make purchases without having to sell them. This allows them to continue earning yields while using their crypto as collateral. 

Repayments on the card can be covered automatically through the returns generated by the user’s portfolio.

This system reportedly offers advantages over traditional credit cards, which often come with interest rates ranging from 15% to 30%. EtherFi Cash users will instead benefit from a fee structure tied to the DeFi market.

EtherFi Cash will be compatible with major mobile payment platforms like Apple Pay, per reports.

Scroll as the Settlement Layer

Scroll will serve as the settlement layer for EtherFi Cash transactions. Per reports, as a zero-knowledge rollup network, Scroll enhances transaction speed and efficiency, making it a crucial partner for this credit card offering. 

Scroll is currently the sixth-largest Ethereum Layer 2 network with $1.1 billion in TVL, according to L2beat.

The Cash card will allow users to tap into Scroll’s technology, ensuring fast, low-cost transactions with crypto-backed rewards, according to the EtherFi team.

Expanding Access and Crypto Rewards

EtherFi Cash is available for preorder in several countries, including the UK, Hong Kong, UAE, and various European nations. However, the card won’t be available in the US for the time being. 

Interested parties can preorder across four tiers, with annual fees ranging from 0.01 ETH ($23) to 1 ETH ($2,300). 

Higher-tier cardholders benefit from lower interest rates and exclusive perks.The cardholders will benefit from a 3% cash-back reward on all purchases, with no restrictions. These rewards are earned in cryptocurrency, in line with EtherFi’s vision of creating a comprehensive DeFi ecosystem.

With EtherFi's Stake and Liquid programs, users can borrow funds against Ether staked or deposit funds in curated vaults. 

Ether.Fi’s Rapid Growth

EtherFi amassed over $5.6 billion in total value locked (TVL), making it the fourth-largest DeFi protocol. The growth was fueled by a rally in Ethereum prices and renewed interest in liquid restaking tokens (LRTs). 

The protocol pioneered the LRT boom, eliminating technical barriers and allowing users to participate in native restaking via EigenLayer while remaining liquid.

Now, EtherFi’s Cash product adds to its existing portfolio, which includes its Stake and Liquid programs. On September 16, EtherFi Cash will begin shipping to pre-order customers, marking a milestone for the protocol.