Key Highlights:
- Ether.fi is transitioning to become a neobank that provides conventional banking services along with its existing restaking product.
- Users in the U.S. will soon have access to staking services and cash cards issued by Ether.fi.
- The platform holds nearly 2.7 million ETH, approximately $4.4 billion, in total value locked (TVL).
Restaking protocol Ether.fi intends to introduce banking features, positioning itself as a decentralized finance (DeFi) neobank. The Ether.fi app aims to deliver a user experience similar to traditional fintech apps, allowing individuals to spend, save, and earn through integrated crypto functionalities such as restaking. The app also supports bill payments and payroll using fiat currency.
“With ether.fi, we’re bridging the gap between decentralized finance and everyday financial needs,” stated CEO Mike Silagadze. “Our objective is to offer a powerful and user-friendly platform that delivers the advantages of DeFi without the complexities, making financial freedom accessible to everyone.”
One of the key features will be Ether.fi’s primary restaking product, giving investors the chance to secure additional yield by staking ether (ETH) and acquiring liquid staking tokens (LSTs) applicable across the DeFi realm.
Last month, CoinDesk reported that Ether.fi retained its total value locked (TVL) despite a decrease in market enthusiasm over the past year.
Currently, Ether.fi has achieved a near-record high of 2.7 million ETH, totaling around $4.4 billion in TVL, according to DefiLlama.
Cash Cards Available in the U.S.
In September, Ether.fi announced the launch of its own Visa Cash card, enabling users to spend fiat currencies while using crypto as collateral. This product, alongside the staking service, is now available in the U.S. after both were previously constrained by regulatory conditions. Initially, the offering will be limited to select states, in collaboration with local partners to ensure compliance.
