Ether.fi Launches First DeFi Bank and Expands to US Market
Ether.fi Launches First DeFi Bank
Ether.fi is introducing a decentralized, non-custodial alternative to traditional banking, aiming to streamline the process for crypto users. Key points include:
- The platform does not take deposits but serves as a viable bank alternative.
- CEO Mike Silagadze predicts multiple companies will adopt similar models within a year.
- Ether.fi aims to simplify user experiences in DeFi by minimizing the need for offchain transactions.
- The service is expanding into the US, taking advantage of recent regulatory changes and licensing opportunities.
- The platform currently has about 200,000 users, with a goal of reaching 100,000 cards issued by year-end.
- Ether.fi has been profitable since inception, projecting $40 million to $90 million in revenue for 2024.
Silagadze emphasizes the importance of catering to both crypto natives and potential new users from centralized exchanges.