The ether.fi protocol has announced its transition to a neobank model, combining traditional banking services with the capabilities of cryptocurrency technologies. The team has already launched staking and cryptocurrency cards for users in the United States, and has ambitious plans for scaling and revenue in the coming years.
This is reported by Business • Media
Development Strategy and Future Plans
CEO Mike Silagadze stated:
“With ether.fi, we are building a bridge between decentralized finance (DeFi) and everyday financial needs. Our goal is to create a user-friendly platform that combines all the benefits of DeFi and makes financial freedom accessible to everyone.”
According to the management, the updated ether.fi app allows users to store, spend, and earn cryptocurrency while applying standard banking functions—bill payments, salary deposits, and other fiat currency services. This makes the platform more versatile and convenient for a wide range of users.
Financial Prospects and Achievements
The company aims to achieve revenue between $65 million and $96 million by 2025, with a profitability of around 30%. In the long term, the team is interested in a path to billion-dollar revenue with a margin of 30-40%, serving several million users.
“We believe that ether.fi has every chance of becoming a billion-dollar business. To achieve this, we need to create products that users love and remain systematically focused on growth,” the company stated.
Currently, ether.fi has approximately 200,000 users, although the exact number has not yet been determined due to the use of multiple wallets by a single individual. According to Silagadze, the situation will become clearer after mass account registrations.
The company plans to issue 100,000 Visa Cash crypto cards by the end of the year, allowing users to spend fiat money while using cryptocurrency as collateral. This will be an important step in the platform’s development, and collaboration with the Scroll blockchain in September 2024 has significantly expanded the service’s capabilities.
According to DeFiLlama, the total value locked in ether.fi is 2.71 million ETH, which is approximately equivalent to $4.8 billion—one of the highest figures among DeFi projects.