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Ether.fi Unveils Latest Visa Card for Seamless Crypto Spending

Ether.fi Launches New Visa Card to Spend Crypto Easily

Ether.fi, a top crypto news site, has unveiled an exciting new product that could change how crypto enthusiasts handle their finances. The innovative Ether.fi Cash card, which doubles as a mobile wallet and Visa credit card, enables users to borrow USDC against their DeFi investments and repay the loaned amount with crypto directly.

Founder Mike Silagadze’s vision for Ether.fi is to create a series of interconnected apps that make DeFi accessible to the average person. The Cash card serves as a spending account, eliminating the need to convert between cash and crypto, a process known as “off-ramping.”

Ether.fi is best known for its service that funnels assets into EigenLayer, an Ethereum-based staking giant. This service allows investors to secure rewards by depositing assets. EigenLayer has seen over $18 billion in deposits in the past year, with $5.5 billion passing through Ether.fi for eETH tokens.

In addition to the Stake program, Ether.fi provides a Liquid program where users can deposit funds into vaults with curated trading strategies. Cash cardholders can borrow against their assets and use interest earnings to pay bills automatically. Alternatively, users can convert assets to USDC for instant settlement.

Ether.fi plans to introduce a crypto-centric rewards program similar to traditional credit card offerings but with fee structures tailored to the DeFi market, rather than the typical 15-30% APR of conventional credit cards. The unique value of the Cash card lies in its functionality as a true credit card, unlike other crypto-based Visa debit cards.

The launch of the Ether.fi Cash card is slated for September, although regulatory limitations may prevent availability in certain key markets like the US. Silagadze acknowledges the complexities of using crypto as currency, from market factors to tax implications, but believes the Cash card can streamline the process for crypto natives and newcomers alike.

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