Ether.fi Expands Non-Custodial Neobank with Trading and Borrowing Features
Ether.fi has launched an upgraded version of its non-custodial neobank, dubbed 'Summer', which integrates trading and borrowing features. The platform now allows users to acquire tokenized stocks and commodities through xStocks, custody them in vaults with social recovery, and borrow against their full portfolio at DeFi rates near 4%. This borrowed capital can be spent using the ether.fi Cash card or transferred.
The update also includes a new Aave market based on Optimism, a migration from the previous network on Scroll. Additionally, on and off-ramps supporting more than 30 currencies and payment methods are added, including Apple Pay and Cash App. The protocol now offers 3% cashback on all purchases made with the card, as well as zero top-up fees and zero foreign exchange fees at higher membership tiers.
According to CEO Mike Silagadze, Ether.fi's goal is to 'replace the traditional bank for the majority of users and give them tools that were previously only available to institutions and high-net-worth individuals.' The platform already had a presence in consumer-oriented payments as one of the largest native crypto ecosystem payment card providers, with around 500,000 users and approximately 150,000 active cards.