Ether.fi Plans Banking Services to Become DeFi Neobank and Launches Cash Cards
Ether.fi plans to introduce banking services, transforming into a decentralized finance (DeFi) neobank.
- The ether.fi app will offer a traditional fintech experience, enabling users to spend, save, and earn through crypto features like restaking.
- Users can make bill payments and access payroll services using fiat money.
- CEO Mike Silagadze emphasized bridging DeFi and everyday financial needs, aiming for a user-friendly platform that simplifies financial access.
- Ether.fi's core feature includes a restaking product allowing investors to stake ether (ETH) and receive liquid staking tokens (LSTs) for additional yield across the DeFi ecosystem.
- The protocol currently holds 2.7 million ETH ($4.4 billion) in total value locked (TVL), nearing record highs.
Cash Cards in the U.S.
- In September, Ether.fi announced a Visa "Cash" card enabling users to spend fiat while using crypto as collateral.
- This service is available in select U.S. states after securing regulatory compliance through local partnerships.