🌋 Ether․fi and Visa to Launch a Crypto Credit Card
posted 24 May 2024
A new product named Ether․fi Cash is designed as an alternative to the often complex and costly off-ramp process of converting cryptocurrency to fiat money. The developers hope that this innovation will allow cryptocurrency holders to operate entirely within the blockchain ecosystem.
The system will facilitate payments by lending USDC against DeFi deposits held in two other Ether․fi products: Ether․fi Stake and Ether․fi Liquid. Users can repay their debts using cryptocurrency, with an option for direct asset conversion to USDC. Moving away from the high annual interest rates of 15–30% found on traditional credit cards, Ether․fi Cash fees will align with the DeFi market rates.
Ether․fi founder Mike Silagadze has pointed out that previous attempts at launching a crypto card have largely failed, with most being nothing more than basic Visa debit cards.
Most of them are Visa debit cards. Visa debit cards are pointless because you can only use them for, like, hotels and car rentals. You can't use them for a lot of stuff. They're just not practical,said Silagadze.
The launch of Ether․fi Cash is scheduled for September 2024. However, due to regulatory challenges, it may not be available in some key jurisdictions, including the USA.
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