Ether.fi, a DeFi platform calling itself a "self-custody crypto bank," made a major expansion on Aug. 13 by adding tokenized stocks, precious metals trading, and portfolio loans that let users borrow against their holdings without selling their crypto. The portfolio loan service is powered by the Aave lending protocol on Optimism. Alongside that, Ether.fi launched a fiat account supporting more than 30 currencies and payment methods, introduced automatic buybacks of its ETHFI token, and began offering 3% cashback on card spending. Founder and CEO Mike Silagadze said the company's goal is to replace traditional banks for most users, giving them the tools and advantages previously reserved for institutional clients. As a caveat, tokenized stock and metals trading are temporarily unavailable in the U.S. and certain other markets. The platform currently reports more than 500,000 members and $2 billion in annualized transaction volume. Its clear strategy is to use self-custody, on-chain infrastructure to replicate a full banking stack — deposits, lending, card spending and investing — in the crypto world. Combined with its Cash crypto card, Ether.fi is expanding toward becoming a neobank for crypto users. That places it in direct competition with conventional banks as well as other crypto platforms that issue cards.
Ether.fi, a DeFi platform that calls itself a "self-custody crypto bank," significantly expanded its product lineup on Aug. 13. The new additions include tokenized stocks, precious metals trading and portfolio loans that let users borrow against their assets without selling crypto.
The portfolio lending service is built on Aave and runs on Optimism. The platform also rolled out a fiat account supporting more than 30 currencies and payment methods, automatic buybacks of its ETHFI token, and a 3% cashback rate on card spending. Founder and CEO Mike Silagadze said the aim is to replace traditional banks for most users by offering tools and benefits previously available only to institutions. Tokenized stocks and metals trading are currently unavailable in the U.S. and some other markets.
Ether.fi reports more than 500,000 members and $2 billion in annualized transaction volume. Its playbook is clear: use self-custody, on-chain infrastructure to move a full banking stack — deposits, lending, card payments and investing — into crypto. Combined with its Cash crypto card, the push steadily turns Ether.fi into a neobank for crypto, putting it on a direct collision course with both traditional banks and other crypto platforms that issue cards.
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