Ether.fi, the Ethereum-based decentralised finance platform best known for liquid staking, has announced a significant expansion into crypto banking, adding tokenized asset trading, portfolio-backed loans, and global fiat accounts to its self-custodial app.
What Ether.fi Is Adding
The platform said users can now trade tokenized stocks, metals, and crypto assets directly within the app. A built-in lending market powered by Aave, deployed on Optimism, an Ethereum layer-2 network, allows users to lend assets or borrow against their portfolios without liquidating positions. Proceeds from borrowing can be sent or spent. New fiat accounts support deposits and withdrawals across more than 30 currencies worldwide.
Key Details From the Announcement
– Initial supported assets include Ethereum, Bitcoin, Hyperliquid, and ETHFI, the platform’s native governance token.
– Fiat accounts will be available to users who have already completed identity verification for the Ether.fi payment card.
– The platform is introducing automated buybacks of ETHFI tokens and offering 3% cash back on card purchases.
– Ether.fi says it has more than 500,000 members and a $2 billion annual transaction run rate.
– Because the app is self-custodial, none of the balances carry deposit insurance or the recourse a bank account provides.
Quotes From the CEO
Mike Silagadze, founder and CEO of Ether.fi, said the platform is initially supporting existing crypto assets alongside select tokenized stocks and gold, with additional collateral types to follow. ‘Quickly we will start adding additional assets as collateral,’ Silagadze said.
On the appeal of the new features, Silagadze said: ‘I think being able to borrow against the whole portfolio, and being able to loop RWAs is going to be popular. Also getting cashback on trades and borrows is going to create some buzz, I think.’
Silagadze framed the expanded platform as a direct alternative to conventional banking. ‘Our goal is to replace the traditional bank for most users and give them tools and benefits that were previously available only to institutions and high-net-worth individuals. That is the power of DeFi and self-custody,’ he said.
Tokenized RWAs as a Growth Driver
Silagadze indicated that portfolio-backed loans and tokenized real-world assets, or RWAs, are designed to attract users who have not previously engaged with decentralised finance, broadening the platform’s potential audience beyond existing DeFi participants.
The new features are available immediately to both new and existing Ether.fi users, subject to the geographic restrictions on tokenized stock and metals trading.
