The DeFi space continues to grow and evolve. For Swipe, the goal is to provide services to as many people as possible. A Visa card powered by decentralized finance is certainly one way of getting attention.
Swipe Goes to the Next Level
Even though Swipe is a debit card provider, the company is not following a traditional path. That is a selling point, as there are many companies that can provide debit cards today. Bringing together DeFi and traditional finance through the LendFi Visa Card will provide valuable competition.
The purpose of this card is simple: achieving access to lending balances. By integrating the card with the LendFi app, a compelling product can be offered to the masses. LendFi’s mobile app is connected to a card user natively. At first, the platform will support Compound, with more to be added down the line.
Approving loans will occur through the blockchain-based platform. Ultimately, Swipe hopes to achieve near-instant lending approval, assuming that can be achieved on a large scale. An extra benefit of this integration is how users can deposit stablecoins to spend through this new debit card.
In terms of revamping the lending market, this new product has massive potential. Lenders can issue a loan directly onto the payment card itself. This is great news for LendFi, but also Swipe users.
Obtaining the card is now possible in the US through the mobile LendFi app. A verification procedure needs to be completed before an application can be submitted. Users will receive the virtual card first, but can opt for a physical copy as well. All purchases will be subject to a 4% cashback.
Lending has proven to be one of the more competitive segments of DeFi so far. Without the need for middlemen, financial services can be extended to those in dire need of them. Swipe is making crucial inroads to make that vision come true.