Binance-backed crypto-fiat gateway Swipe has entered into a partnership with Marqeta, a card-issuing company, to launch the LendFi Visa Card in the United States.
According to an official announcement, LendFi is based on decentralized finance (DeFi) protocols to provide borrowers with access to instant liquidity to over-collateralized loans.
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The crypto-focused cards are now available for borrowers in the US by downloading the mobile LendFi App for iOS or Android. The card can be tokenized on Apple and Google Pay.
Cardholders can also earn up to 4% cashback on all purchases. The app also supports stablecoins so users can deposit multiple stablecoins pegged 1:1 to the US dollar.
Swipe CEO, Joselito Lizarondo, says borrowers will get access "to an instant Visa card upon successful verification that immediately gives real-time access to their loan balances."
Binance, one of the largest cryptocurrency exchanges in the world, acquired the London-based crypto debit card issuer Swipe earlier in July 2020, for an undisclosed amount.
As part of the acquisition, the exchange listed the platform's native token SXP, so users can trade it with the following pairs: SXP/BTC, SXP/BNB and SXP/BUSD.
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