Ether.fi to become a neobank

Following this announcement, the ether.fi application is set to provide users an optimised experience of a traditional fintech app, as well as allow them to spend, save, and earn money through the use of linked crypto features, including restaking. 

In addition, the app is expected to allow bill payments and payroll services by utilising fiat money. Ether.fi will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well. 

More information on Ether.fi strategy of becoming a neobank

According to officials of the company, the initiative aims to bridge the gap between decentralised finance and everyday financial needs, as the goal will also provide customers with a user-friendly platform that offers the benefits of DeFi without the usual complexities. At the same time, one of the features will be Ether.fi’s optimised restaking product, which will give investors the possibility to secure an additional yield by staking ETH and receiving LSTs that can be staked across the DeFi ecosystem. 

Earlier in September, Ether.fi also released its own Visa `Cash` card, which was developed in order to allow cardholders to spend fiat currencies while using crypto as collateral. In addition, this product, as well as the staking solution, were also made available in the US despite both being ring-fenced previously due to regulatory requirements. The solution was expected to initially be available in select states following a number of collaborations with local entities to ensure regulatory compliance.