Ethereum-based liquid staking protocol Ether.fi (ETHFI) has announced the launch of a new cryptocurrency-backed Visa credit card called “Ether.fi Cash” on the Scroll network.
This new card allows users to use fiat currency for their daily purchases while using their crypto assets as collateral. Additionally, cardholders can hold cryptocurrencies and earn interest on their spending.
The Ether.fi Cash card is currently being used internally within the Ether.fi ecosystem, and pre-order customers can expect to receive their cards starting September 16.
Listed on Binance, ETHFI was originally launched on the cryptocurrency exchange via a Launchpool program. In light of recent developments, the price of the altcoin has increased by approximately 5% in the last 24 hours.
However, the altcoin has lost 84% of its value from its previous all-time high of $8.57 and is trading at $1.33 at the time of writing.
Ether.fi is actually the first liquid staking platform on Ethereum.
*This is not investment advice.