Ether.fi Relaunch Protocol Becomes Neobank, Launches Payment Cards in the US

Ether.fi Transforms into Neobank, Launches Cash Cards in the US

The app suite will allow users to spend, save and earn cryptocurrency.

Oliver Knight | Edited by Sheldon Rebeck April 24, 2025, 1:00 PM

What you need to know:

• Ether.fi has changed its strategy and become a neobank offering traditional banking services in addition to its current restaking product.
• The company also announced that it would provide staking services and its payment card to US citizens.
• The total amount of Ether.fi assets locked is close to a record high of 2.7 million ETH (US$4.4 billion).

Restaking protocol Ether.fi has announced plans to introduce banking services, allowing it to function as a neobank in the decentralized finance (DeFi) space.

The ether.fi app will offer users the experience of a traditional fintech app, allowing them to spend, save, and earn money using related crypto features, including re-staking. Users will be able to pay bills and salaries using fiat.

By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy .

“With ether.fi, we are bridging the gap between decentralized finance and everyday financial needs,” CEO Mike Silagadze said in a statement. “Our goal is to provide users with a reliable, user-friendly platform that offers the benefits of DeFi without the complexity, making financial freedom accessible to everyone.”

One of the new features will be ether.fi's core product, re-staking, which provides investors with the opportunity to increase their returns by staking ether (ETH) and earning liquid staking tokens (LST) that can be used in the DeFi ecosystem.

Last month, CoinDesk reported that Ether.fi was one of the few restaking protocols that managed to maintain its total value locked (TVL) despite a decline in interest in the sector last year.

According to DefiLlama, its TVL currently stands at 2.7 million ETH ($4.4 billion), which is close to the all-time high in ETH terms.

Cash cards in the USA

In September, Ether.fi announced the launch of its Visa “Cash” card, which will allow cardholders to spend fiat money using cryptocurrency as collateral.

The product and betting service are now available in the US, despite previously facing regulatory restrictions.

It will initially be available in select states after signing several agreements with local organizations to ensure regulatory compliance.

Источник