Crypto finance firm Swipe launches Visa DeFi lending card

Published at: Sept. 30, 2020

Swipe, a Binance-owned cryptocurrency debit card provider, is expanding its offering with a new crypto Visa card that allows users to borrow funds using blockchain technology.

Dubbed the “LendFi Visa Card,” the new product deploys major decentralized finance protocols to provide “near-instant access to lending balances.” The card is integrated with the LendFi app — a decentralized lending platform that is connected with the borrower through their mobile device. At launch, the platform will support major DeFi protocol Compound, a spokesperson for Swipe said.

According to an announcement, the new blockchain-based lending platform approves loans for users and disburses them to accounts. The LendFi App also offers a stablecoin aggregator so users can deposit various stablecoins to spend via their card.

Swipe developed the card with California-based payments company Marqeta. Marqeta vice president of business development Salman Syed said that the card enables lenders to issue a loan directly onto a card, which extends the company’s efforts to “remake the lender-borrower relationship.”

Virtually-issued LendFi Visa Cards are available for borrowers in the U.S. by downloading the LendFi app, signing up and completing identification procedures. After applying for a LendFi Visa Card virtually, users can order a physical card. The card will also offer 4% cashback on all purchases.

Cryptocurrency lending is one of the most important use cases for the DeFi industry. In contrast to traditional finance, DeFi lending does not need a central party or a middleman to approve and distribute loans, as DeFi loans are issued through a distributed system and decentralized applications. Still, decentralized lending is associated with certain risks as it is still not 100% secure.

Tags
Business
Cryptocurrencies
Defi
Binance
Stablecoin
Payments
Lending
Loans
Debit Cards
Load Debit Card
Related Posts
Celsius Users Can Now Buy Tether Gold via Debit and Credit Cards
Celsius Network is expanding its partnership with fiat-to-crypto payments provider, Simplex, by enabling its users to buy more crypto with credit and debit cards. Celsius, a major crypto lending startup, now allows its users to purchase gold-backed stablecoin Tether Gold (XAUT) using debit and credit cards. Announcing the news on May 28, Celsius said that the minimum purchase amount for XAUT is $50, while the annual interest rate accounts for 4%. Tether Gold was rolled out for depositing on Celsius app earlier in May Alongside Tether Gold, the new integration with Simplex also unlocks credit and debit card purchases for …
Business / May 28, 2020
Stablecoin launch and NFT integration back Coti’s rise to a new all-time high
The blockchain ecosystem has evolved significantly over the past decade as smart contract capabilities have moved the industry from being a simple medium of exchange to a bustling ecosystem full of decentralized finance (DeFi) and nonfungible tokens (NFT). One project that has benefited from the increased capabilities of blockchain technology and the recent launch of smart contracts on Cardano is Coti, an enterprise-grade fintech platform focused on helping organizations create their own payment solutions and digitize any form of currency as a way to facilitate decentralized payments. Data from Cointelegraph Markets Pro and TradingView shows that since bottoming out at …
Nft / Sept. 28, 2021
This crypto company is on a mission to stop passive hodling
A fintech platform says it is on a mission to stop passive hodling — helping them to unlock value from their cryptocurrencies in new ways. YouHodler offers crypto-backed loans that enable enthusiasts to generate liquidity from their digital assets without having to spend them. A suite of trading solutions encourage experimentation — while web and mobile wallets deliver “a safe and easy-to-use alternative to senseless crypto wallets.” By integrating a range of payment methods, including stablecoins, bank transfers and credit cards, YouHodler’s goal is to create seamless connections to the real world — ensuring crypto can be used for everything …
Technology / June 15, 2021
For decentralization, speed and low fees, crypto payments pioneer turns to BSC
The crypto payment solutions provider that introduced blockchain-based subscription billing to credit card-harried merchants is moving to the Binance Smart Chain. PumaPay pioneered cryptocurrency-funded payments with its PullPayment Protocol, a series of smart contracts that opens up the use of flexible billing tools like recurring subscriptions and automated account balance top-ups that actively “pull” payments from clients. By doing away with the need to ask customers to actively “push” out crypto payment every month, it gives online merchants an alternative to the high fees and restrictive rules of fiat credit card companies that were previously the only source of “set …
Decentralization / June 7, 2021
This DeFi platform allows NFTs to be used as collateral for loans
A DeFi platform has launched a lending and borrowing network that allows nonfungible tokens to be used as collateral. ETNA Network says it is developing a suite of products that are designed to work in an interconnected manner — creating a tangible use case for NFTs in the process. The project’s DeBank also enables those who hold ETNA, the platform’s native cryptocurrency, to access loans on an interest-free basis. Elsewhere, an NFT factory is described as an all-in-one marketplace for crypto collectibles — bringing digital art creators and collectors together while ensuring that tokens can be traded instantly. Beyond the …
Technology / July 13, 2021