Ethena Launches Self-Custodial Money App Ethena Pay
Ethena has introduced Ethena Pay, a self-custodial money app that it calls 'the internet money neobank'. The platform offers a range of features, including a 6% dollar savings rate, 5% card cashback, and free transfers across approximately 50 countries at launch.
The new app also includes dollar savings, card spending, international transfers, and free onramps in dollars, pounds, and euros. Users can generate a virtual Visa card in under a minute, which can be used to spend money at over 130 million merchants and added to Apple Pay or Google Pay.
Ethena emphasized that the new app is not a bank and holds no customer funds. Instead, it provides fiat account numbers through licensed banking partners while keeping wallet keys with users behind passkeys and biometrics.