Digital assets are going well beyond speculation. Now, they are becoming collateral for credit card purchases.

‍What’s happening:‍

• Ether.fi has partnered with layer-2 Ethereum blockchain company Scroll to launch a new crypto credit card which will be powered by Visa (NYSE: V)
  

The big idea:‍

• The new credit card being launched by Ether.fi and Scroll will enable users to use their digital assets as collateral to fund purchases
  
• Instead of directly spending digital assets, users will earn cash back from purchases as a reward for staking their crypto holdings on Ether.fi
  
• Eventually, Ether.fi plans to launch the ability for users to pay their credit card balance directly through the yields being generated from staking digital assets on the Ether.fi platform
  

By the numbers:‍

• Ether.fi currently has more than $5B USD of total value locked on their liquid restaking platform
  
• The new credit card from Ether.fi and Scroll will offer users 3% cash back on all purchases and transactions
  

Going deeper:‍

• Ether.fi has established one of the strongest networks in crypto, with existing partnerships with Chainlink, Base, Arbitrum and other leading projects as part of their liquid restaking platform
  
• Mastercard and Mercuryo also recently partnered to launch a Euro denominated crypto credit card that allows users to spend digital assets that are being held in self custody wallets
  

The intrigue:‍

• Bullish Capital, the venture arm of crypto giant Bullish Group which has notable backers including Peter Thiel and Block.one, previously led the Series A financing round for Ether.fi

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