# ether.fi > ether.fi is a Cayman-founded non-custodial crypto neobank combining Ethereum staking with a Visa Cash card and DeFi credit. Source: https://www.neobank.wiki/ether-fi Last updated: 2026-08-16 Categories: Financial technology, Global fintech, Self-custody finance, Consumer neobanks, Cryptocurrency companies, Companies founded in 2022 **ether.fi** (also styled **EtherFi**) is a Cayman Islands-based cryptocurrency protocol and consumer app that markets itself as a non-custodial crypto [neobank](/neobank). It began as a liquid staking and restaking protocol (eETH / weETH) and later added ether.fi Cash, a partner-issued Visa card and mobile wallet so users can spend, borrow and transfer against onchain balances while keeping self-custody.[^efi1] The project states it is not a bank and does not offer FDIC insurance. ## History ether.fi was founded in 2022 by **Mike Silagadze** and **Rok Kopp** in George Town, Cayman Islands, as a non-custodial Ethereum staking protocol: stakers retain validator keys while delegating node operation. It grew into one of the largest liquid restaking venues, issuing the rebasing **eETH** token and wrapped **weETH** for DeFi. The **ETHFI** governance token launched in March 2024 (including a Binance Launchpool listing). Cash, the spend product, was introduced as the third piece of a Stake / Liquid / Cash stack: a mobile wallet plus Visa card that borrows or swaps into stablecoins against ether.fi collateral, with card issuing through partners such as Rain. In April 2025 CoinDesk reported a broader pivot toward everyday banking-style features and a U.S. Cash-card rollout in selected states.[^efi2] An August 2026 "Summer" release added tokenized stocks and metals (not available in the United States), an integrated Aave borrowing market on Optimism, wider fiat on/off-ramps, and a redesigned consumer app. The company then described itself as having more than half a million members and a roughly $2 billion annual transaction run-rate.[^efi3] ## Founders **Mike Silagadze** is founder and chief executive officer of [ether.fi](/ether-fi). A Canadian serial entrepreneur, he previously founded and scaled Top Hat, an education-technology company, and ran crypto trading firm Gadze Finance before launching ether.fi in 2022 to keep stakers in control of their keys. He has framed the Cash card and app as a way to replace a traditional bank account for users who already hold onchain assets. **Rok Kopp** is co-founder (often described as chief growth officer). Together they built ether.fi from delegated Ethereum staking into a self-custody spend-and-yield product competing with other crypto-native [neobanks](/neobank) such as [Avici](/avici) and [Torque](/torque). ## Self-custody neobank model ether.fi markets a non-custodial stack: protocol vaults and smart-contract accounts rather than a deposit-taking charter. Users can hold yield-bearing tokens, borrow against a portfolio (including via Aave) and spend on a Visa card without selling collateral. Card issuing, fiat rails and some insurance-style "account balance protection" (described as not yet live on the marketing site) use regulated partners. ether.fi states it is not a bank, does not accept deposits and does not offer FDIC insurance; users hold assets in self-custody. ## Products - **Stake / weETH / eETH** - liquid staking (and historically restaking) tokens used across DeFi. - **Liquid** - automated DeFi strategy vaults. - **ether.fi Cash** - mobile app plus partner-issued Visa card; spend can borrow USDC against collateral or swap assets, with advertised cashback (3% on Core/Luxe/Pinnacle tiers, higher on invite-only VIP) and membership perks such as lounge access. - **ETHFI** - governance token. - **Trading and rails** - crypto, and in some markets tokenized stocks/metals; fiat on/off-ramps including named accounts and methods such as Cash App, Apple Pay and Interac. ## External links - [ether.fi official website](https://ether.fi/) - [X (@ether_fi)](https://x.com/ether_fi) ## Infobox - **Type**: Protocol / app - **Founded**: 2022 - **Founders**: Mike Silagadze, Rok Kopp - **Headquarters**: George Town, Cayman Islands - **Model**: Self-custody crypto neobank - **Card**: Visa (partner-issued) - **Token**: ETHFI - **Website**: [ether.fi](https://ether.fi/) ## Frequently asked questions ### What is ether.fi? ether.fi is a Cayman-founded non-custodial crypto neobank combining Ethereum staking with a Visa Cash card and DeFi credit. ### When was ether.fi founded? ether.fi was founded in 2022. ### Where is ether.fi headquartered? ether.fi is headquartered in George Town, Cayman Islands. ### Who founded ether.fi? ether.fi was founded by Mike Silagadze, Rok Kopp. ### What type of company is ether.fi? ether.fi is described as Self-custody crypto neobank in its neobank.wiki profile. ### What is the official ether.fi website? The official website for ether.fi is https://ether.fi/. ## References [^efi1]: ether.fi describes itself as non-custodial software, not a bank; cards and fiat rails use regulated partners. - https://ether.fi/ [^efi2]: CoinDesk, "Restaking Protocol Ether.fi Pivots to Become Neobank, Rolls Out Payment Cards in U.S." (24 April 2025). - https://www.coindesk.com/business/2025/04/24/ether-fi-pivots-to-become-neobank-rolls-out-cash-cards-in-u-s [^efi3]: ether.fi, "ether.fi Summer: The Next-Generation Crypto Neobank" (13 August 2026). - https://ether.fi/blog/ether-fi-summer-next-generation-crypto-neobank