Ether.fi is already working to expand its capabilities with new banking functionality, pivoting into a decentralized finance (DeFi) neobank. Ether.fi’s non-custodial staking service and its community-centric banking product are now both available to U.S. This is a huge step in the right direction after years of narrowing under regulatory trepidation.

Ether.fi's core offering revolves around a restaking product, enabling investors to stake ether (ETH) and obtain liquid staking tokens (LSTs). These LSTs can then be used in various other aspects of the DeFi ecosystem. The platform is currently laying at 2.7 million ETH TVL. That’s a hefty $4.4 billion worth, bringing it just shy of an all time high in ETH terms.

The firm first got media attention in September when it announced its Visa “Cash” card. This interoperable card has unique features that let users spend a variety of fiat currencies. It collateralizes their crypto holdings and runs natively on the Scroll Network.

"With ether.fi we're bridging the gap between decentralized finance and everyday financial needs." - Mike Silagadze, CEO of Ether.fi

Ether.fi has demonstrated resilience in the restaking sector, maintaining its TVL despite a general decline in hype, according to Oliver Knight, co-leader of CoinDesk data tokens and data team.

Ether.fi is taking a courageous step by integrating banking services. This strategy underscores its commitment to melding old-world finance with the new and disruptive world of DeFi as it introduces its products to the U.S. market.