Ether.fi Rolls Out Crypto Hotel Booking Service As It Takes Another Step Towards Neobank Status

Ether.fi, the restaking protocol turned neobank with $6.8 billion in user deposits, has announced the roll out of Ether.Fi Hotels, a feature that lets users book luxury hotels around the world using their Ether.fi Cash cards.

The firm pivoted to become a neobank last month, offering traditional banking services coupled with its existing native decentralized finance (DeFi) features like yield via Ethereum restaking.

The latest feature is in partnership with Entravel, a travel booking platform that has thousands of hotel brands across the world. Users will also receive 5% cash back for every booking made with the Ether.fi Cash card.

"This integration brings us one step closer to making crypto usable in everyday life," Mike Silagadze, CEO of ether.fi, told CoinDesk. "Ether.fi Cash already allows users to spend, borrow, and earn on their crypto—now they can travel the world with it, too."

Data from Dune Analytics shows that Ether.fi's Cash product is already managing $25 million worth of user deposits, with $3.8 million being spent and $109K being rewarded in cash back.