Jack Paul 
Ether.fi has announced a major update to its banking app. The company calls it the Summer release. The new version adds financial services for savings, earning, trading, borrowing, and spending. The goal is to move more people away from traditional banks and toward a crypto-based alternative.
The update is not just a copy of what banks already do. Ether.fi says it wants to use decentralized rails to offer things regular banking apps cannot. That includes trading tokenized stocks and metals, plus active crypto assets. The app is also integrating Aave, so users can lend assets and borrow against their portfolio as collateral.
A neobank built on DeFi rails
CEO Mike Silagadze said the company wants to replace the traditional bank for most users. He said DeFi and self-custody can give ordinary people tools that were previously reserved for institutions and wealthy clients.
The app is also getting new fiat payment options. Users can send money globally and hold named accounts. There is support for over 30 fiat currencies, and payment methods like Cash App and Apple Pay are being added.
The company says the new features are aimed at a broader group of people, not just crypto users. The app is simpler now, which lowers the barrier for anyone who has never used DeFi before.
More balanced exposure and new assets
Ether.fi says it wants to move beyond gambling and high-risk trading. The app is designed to offer a more balanced mix of assets while keeping on-chain security. This comes as other crypto services are also shifting toward fintech and trying to build global markets for all kinds of assets.
At the moment, Ether.fi still holds around $3.5 billion in total value locked. The platform is one of the bigger Web3 lending protocols, and it works with card issuers and partners to spread its products. By adding tokenized equities and metals, it may boost the value back into its collateral pool.
The Summer release includes xStocks, a tokenized equity product already used in crypto markets. Users still keep self-custody and pay lower fees. There is also a rewards program for DeFi users.
Borrowing, spending and buybacks
One example shows how the services can work together. A user can borrow against their portfolio at around 4% and use the Cash card to spend, send money, or buy other assets.
The update also includes programmatic buybacks of $ETHFI. The token traded at about $0.38 on August 13, and buybacks could support its price. A larger user base might push platform fees higher. Ether.fi is already producing over $219 million in annualized fees and over $50 million in revenue. Some of that new product revenue will go toward $ETHFI buybacks.
Card users get 3% cash back on purchases, no top-up fees on the card, and no forex swap fees at higher membership levels. It is not clear yet how many retail users will actually switch from a regular bank, but Ether.fi is betting on that shift. Most of the new features are available right away, though trading tokenized assets may not be offered in the USA and certain other regions.