Borrowers in the US can now get funds with a DeFi-powered Visa card by Swipe.
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.