Loan takers can receive funds with a DeFi-powered Visa card by Swipe in the U.S.
Swipe which is a Binance-held cryptocurrency debit card provider will broaden its offering with the latest crypto Visa card that enables clients to lend funds accepting blockchain technology.
Named the “LendFi Visa Card,” the latest product uses main decentralized investment rules to give “near-instant access to lending balances.” The card is combined with the LendFi application — a decentralized borrowing platform that is attached to the lender by their mobile. A spokesperson for Swipe stated that the platform will help important DeFi protocol Compound at launch.
The unique blockchain-established borrowing platform allows loans for clients and distributes them to accounts according to a statement. The LendFi App allows a stablecoin aggregator so users can deposit several stablecoins to pay via their card.
Swipe cooperated with a California-based payments company called Marqeta and developed the card with them. Salman Syed who is the Marqeta vice president of business development told that the card allows borrowers to issue a loan straight onto a card, which increases the firm’s efforts to “remake the lender-borrower relationship.”
LendFi Visa Cards which are virtually-issued are ready for borrowers in the U.S. by downloading the LendFi application, signing up, and finishing identification procedures. Users can request a real card if they have applied for a LendFi Visa Card virtually. There's also 4% cashback on all purchases.
Cryptocurrency borrowing is one of the most relevant use cases for the DeFi business. In opposite to legendary finance, DeFi borrowing doesn't require a central party or a middleman to accept and give loans, as DeFi loans are distributed through a shared system and decentralized forms. However, decentralized borrowing is connected with some dangers as it is not 100% safe yet.
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