Ether.fi Launches Cash Back Credit Card Using Crypto Collateral
Plus crypto majors, memes and NFTs all rally in a welcome sea of green.
TylerD's Market Summary
GM!
Today's top news:
Crypto majors continue rally, BTC up to $57,150
SEC rakes in $4.68B from crypto sector in 2024
Rug Radio team launches Myriad Markets as new prediction market focused on news & content with social media integration
a16z announced the 21 startups selected to participate in their startup accelerator
Punks grails heat up with 550 ETH Zombie, 300 ETH 3D Hoodie moving
💸 Ether.fi Launches New Crypto Credit Card
Spending one's crypto in the real world has gotten easier and easier this year, thanks to a variety of new crypto debit card launches.
But what if you could spend, without selling your crypto?
Enter Ether.fi and its newest product.
What Happened?
On Monday, Ether.fi announced the launch of the Ether.fi Cash Visa card in partnership with Scroll, an Ethereum layer 2 network.
The card allows users to spend fiat currency while using their crypto assets as collateral, letting them earn yield on their crypto holdings while shopping as usual.
It's a big unlock.
Set to ship to pre-order customers on September 16, this card also promises 3% cash-back on all transactions, with no restrictions—a strong offer even compared with traditional credit cards.
The card is compatible with mobile payment systems like Apple Pay, and the partnership with Scroll enables gasless transactions amongst other benefits.
However, don’t get too excited if you’re in the U.S. just yet—Ether.fi Cash won’t be available there due to regulatory challenges.
Instead, it will roll out in several international markets, including the UK, Hong Kong, Brazil, and several European countries.
What Are They Saying?
Sandy Peng, Scroll’s co-founder, emphasized the card’s cost-effectiveness for DeFi users:
“If you put 10 Ethereum into Aave and use this credit card, it’s going to be the cheapest credit card in the world that you can find.”
Mike Silagadze, co-founder of Ether.fi, shared their target audience:
“The first, probably 10 to 20,000 people, are going to be crypto ‘degens,’ like DeFi crazy people... but it’s genuinely a better credit card product, not just a better crypto product.”
Peng also touched on the broader appeal:
"I think it's the first time I've been able to get my friends who are outside of crypto interested in a crypto product. It's genuinely a better credit card product" rather than just "a better crypto product."
Why It Matters
Ether.fi Cash’s promise of unrestricted cash-back, combined with crypto collateral, sets it apart.
This is especially important as it removes a key pain point for crypto holders - needing to liquidate crypto holdings to access their value.
The ability to pay one's monthly expenses via crypto, without selling it for fiat, is getting more possible by the month right now.
This is the crypto maxi's dream (or at least one of them), and it is very close to becoming a reality.
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
ETH led NFT trading volume with $6.4M on the day, boosted by $3M in Punk sales; Bitcoin was next with $2M, and then Solana with $1.6M
ETH NFT leaders were green with most up 3-5%; Pudgy +4% at 10.8 ETH, BAYC -2% at 11.96 ETH, Azuki -3% at 4.77, Milady +4% at 3.44; Doodles +15% to 2.07 ETH
RCS (+90%) & Rug Radio Genesis (+59%) were notable top movers
BTC NFT leaders were mostly green; NodeMonkes +7% at 0.129 BTC, Puppets +12% at 0.095 BTC, Quantum Cats +1% at 0.24 and Bitcoin Shrooms +7% to 1.6
The Runes leaders were very green; DOG +3% at $271M mc, RSIC +7% at $58M mc, PUPS +15% to $28M
Solana NFTs were mixed; Mad Lads -2% at 60 SOL, SMB Gen 2 even at 24, DeGods +5% at 26, Claynosaurz -2% to 15
Two major Punk sales went down, including 300 ETH for a smoking Hoodie and 550 ETH for the Hoodie Zombie (flipped from 475 ETH in just a few days)
The Dookey Dash release was delayed until Sept 19
💰 Token, Airdrop & Protocol Tracker
Here's a rundown of major token or airdrop news from the day:
Myriad Markets launched in private beta by the Rug Radio & Decrypt teams, as a new prediction market highlighting creators, content and breaking news with integration into social media sites like X and Youtube; waitlist now open
Machi's memecoin MACHI went live on Baseline Markets, opening up at a 2x from presale at $10M mc (now at $8.7M)
In raise news, Drip Labs announced an $8M raise to build its collectibles platform led by NFX and Spencer Ventures' Orange Cap Games announced a $2M raise to build its upcoming trading card game using NFT IP
Polymarket has opened several lines tied to tonight's Presidential Debate, including which words will be mentioned, favorite to win, favorite to be leading in the polls following, total viewership and much more
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
Crypto majors are green again this morning; BTC +3% at $57,150; ETH +1% at $2,350, SOL +4% at $135
Memecoin majors are more green with DOGE +5%, PEPE +5%, WIF +8%, BONK +6%, MOG +2%; NEIRO rallies back to $200M
The SEC has made $4.68B from the crypto sector in 2024, shedding light on a key driver of the crack down
Rabby introduced a "GasAccount" feature allowing users to pay gas fees for any address on any network with USDT or USDC
European banking giant BBVA launched USDC custody and rails for institutional customers
Ether Fi announced a new credit card which uses crypto as collateral, allowing users to hold their crypto and earn yield while spending fiat
a16z announced the 21 startups selected to participate in their Crypto Startup Accelerator 2024 Cohort
🚀 Memecoin Movers
$EKOC (+95,000%, $13M market cap, SOL)
$BILLY (+35%, $32M market cap, SOL)
$JESUS (+31%, $13M market cap, ETH)
$FWOG (+27%, $80M market cap, SOL)
$NEIRO (+22%, $197M market cap, ETH)
📈 NFT Floor Price Increase (ETH)
RCS (89%, 0.44 ETH Floor)
Rug Genesis (59%, 0.09 ETH)
Plooshies (38%, 0.21 ETH)
Dooplicator (29%, 0.11 ETH)
ALTS by Adidas (23%, 0.07 ETH)
🗓 Upcoming Mints and Events
Today is a slower day of mints and events with no major highlights.
Expect most focus on tonight's major U.S. presidential debate and any memes / prediction market action that springs from it.
See the full list and dive in for more details with Swizzy's daily mint monitor.
Iskra Velitchkova x Avant Arte (9:00 a.m. ET)
Bangers (11:00 a.m. ET)
Elementerra (12:00 p.m. ET)
ElmonX (12:00 p.m. ET)
Cudis Wellness - Edamame (2:00 p.m. ET)
Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email to tyler.warner@luckytrader.com.
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