Ether.fi’s crypto credit card tops $10M in daily transaction volume

The card has processed over 80,000 transactions and issued more than 2,500 cards since its 2024 launch.

  • Ether.fi’s crypto-native credit card exceeded $10 million in daily transaction volume on June 30.
  • The card has processed over 80,000 transactions and issued more than 2,500 cards since its 2024 launch.
  • Users can borrow the USDC stablecoin against their crypto holdings and earn cash back with 0% interest.
  • Other crypto and fintech companies like Coinbase, Robinhood, and Nexo are expanding into credit card offerings.
  • Experts caution consumers to understand risks and technical aspects related to crypto credit card rewards and custody.

Ether.fi’s crypto-based credit card has reached a milestone with more than $10 million in daily transaction volume as of June 30, 2024. The company aims to provide a financial service that lets users save, invest, and spend digital assets directly, without converting funds back to traditional finance systems.

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Since the card’s launch in 2024, users have completed over 80,000 transactions and received more than 2,500 cards. Customers spend over $200,000 per day using the card, according to on-chain data. Ether.fi holds over $6 billion in total value locked, making it the fifth largest DeFi protocol globally.

Mike Silagadze, CEO of Ether.fi, explained the company’s plans on The Whale podcast: “We want to create a crypto-native financial services product that people can use… and never have to off-ramp them to TradFi again.” The card lets users borrow Circle’s USDC stablecoin against their crypto assets, with the ability to earn cash back at 0% interest. Around $2.8 million has been borrowed through the platform, with $1.6 million currently outstanding.

The growth in crypto credit card products is not limited to Ether.fi. Companies like Coinbase, Gemini.com/”>Gemini, Bybit, and crypto.com have launched similar products, aiming to attract more users as digital assets become more mainstream. Other firms, such as Nexo, reported upwards of $50 million in card volume during the 2024 holiday season in the UK and EU.

Credit cards using cryptocurrencies have raised concerns among some observers. “For example, who’s the wallet provider if the consumer gets rewarded Bitcoin? What happens if it gets stolen? Who’s on the hook for that?” said Mak Hays, associate director for cryptocurrency and financial technology at Americans for Financial Reform.

Many of these new card products follow the model established by large non-financial firms like VISA-card/”>Uber, Apple.com/apple-card/”>Apple, and Amazon-and-barclays-launch-new-co-branded-credit-card-that-gives/”>Amazon to tap new revenue and grow their client base. Industry observers note that as technology advances and presidential administrations support pro-crypto policies, these crypto-to-traditional service bridges will likely keep increasing.

Ether.fi did not respond to requests for comment on the recent developments.

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