Ether.fi launched an upgraded version of its non-custodial "neobank," integrating trading in tokenized stocks and metals, portfolio borrowing via Aave, expanded global fiat payments, and programmatic buybacks of its ETHFI token into a single app designed as an alternative to traditional banks, according to an announcement on Thursday.
The project’s "Summer" release allows users to buy tokenized equities and commodities through xStocks alongside crypto assets, hold them in self-custodial vaults with social recovery, and borrow against their full portfolio at DeFi rates currently near 4% to fund spending on the ether.fi Cash card or other transfers.
In the announcement, Ether.fi noted its updated app is "less crypto-forward," and aimed at attracting "a much broader audience." "With ether.fi, we’re bridging the gap between decentralized finance and everyday financial needs," ether.fi CEO Mike Silagadze said.
"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." The move comes amid a wave of similar product launches by some of the biggest crypto companies.
