ether. fi has partnered with Visa to offer a crypto-backed credit card.
According to Coindesk, the Ethereum liquid repurchase initiative is Ether. fi has introduced Ether.fi Cash, a cryptocurrency-backed credit card that can help crypto investors turn their decentralized finance investments into spending money.
ether. fi Cash will be a mobile wallet and Visa credit card that borrows USDC, the popular stablecoin, in exchange for one's decentralized finance (DeFi) investments and can be paid directly via crypto.
Ether.fi founder Mike Silagadze said in his statement:
“Our mission is to create a suite of integrated applications that make DeFi truly usable for regular people.
Cash is your spending account, the dream is to never have to leave the blockchain.
ether. fi Cash card holders will be able to borrow against their Stake or Liquid deposits and use the interest earned from these investments to automatically pay their bills. Alternatively, users can convert assets directly into USDC and receive instant payments.”
After the news, ETHFI price started to rise.
*This is not investment advice.