Ether.fi Blazes Trail for DeFi by Offering Tokenized Stock Trading and Lending
Ether.fi, an Ethereum staking platform turned crypto neobank, has expanded its services to include tokenized asset trading and portfolio-backed lending. The move marks a significant push into traditional banking territory, with users able to trade and borrow against their portfolios without selling holdings.
The platform's Summer release includes integration with Aave, a decentralized lending protocol on Optimism, allowing for seamless lending and borrowing. Users can also spend proceeds through integrated payment rails and access global fiat accounts, supporting over 30 currencies, including deposits and withdrawals via Cash App and Apple Pay.
Ether.fi founder and CEO Mike Silagadze emphasized the platform's goal of replacing traditional banks for most users, offering tools and benefits previously reserved for institutions and high-net-worth individuals. The company has reported over $219 million in annualized fees and more than $50 million in revenue, with a portion allocated to buying back its native ETHFI token.