Ether.fi, a prominent name in the blockchain space, is set to release a blockchain-based credit card, Ether.fi Cash, in partnership with the Scroll network. Designed to bridge the gap between traditional finance and the crypto world, this innovative card allows users to borrow against their crypto assets while enjoying 3% cash-back on all purchases.

The Ether.fi Cash card will be launched on Sept. 16 and is set to offer crypto enthusiasts the chance to spend fiat currency without having to sell their digital assets. Users can leverage their crypto holdings as collateral while continuing to earn yield. This dual-purpose card aims to make everyday purchases seamless for crypto holders.

Scroll, a layer 2 network on Ethereum, will power the card’s transaction processes, ensuring efficiency and reduced gas fees. Scroll co-founder Sandy Peng highlighted the network’s potential, citing its strong integration with DeFi platforms like Aave. According to Peng, this partnership will make Ether.fi Cash is one of the most cost-effective credit cards for users who are staking crypto.

The card, which will be available for mobile payment providers like Apple Pay, is currently not available in the U.S. due to regulatory concerns. However, Ether.fi Cash is expected to launch in countries including the UK, France, Germany, and Hong Kong. Ether.fi co-founder Mike Silagadze aims to appeal not only to crypto enthusiasts but also to non-crypto users with the card’s competitive benefits, positioning it as a mainstream financial product.

Ether.fi Cash isn’t the first crypto-linked credit card, but with its user-friendly approach and promising features, the company hopes to make a significant impact on the market.