Brahma Partners Euler Labs to Launch Swype Virtual Credit Card for Crypto Spending

Brahma, a crypto payments startup, has partnered with Euler Labs to launch Swype, a virtual credit card that allows users to spend their crypto assets without selling them. This innovative card is designed to bridge the gap between decentralized finance (DeFi) and everyday financial transactions, making DeFi lending more practical for daily use.

The Swype card will be launched on Base, an Ethereum Layer 2 network introduced by Coinbase. This project combines Brahma Cards and Euler's decentralized lending protocol, enabling consumers to spend money from their crypto lending accounts at stores or online. Traditionally, crypto users have had to sell their holdings to access cash, which often resulted in loss of future profits or tax implications. Alternatively, they deposited their crypto in lending platforms for passive income. Swype eliminates the need to choose between these options, allowing users to continue lending and earning while spending their money in real life.

To use Swype, users must have at least $1,000 stored on Euler or Aave, popular DeFi lending platforms. After meeting this requirement and passing a basic KYC verification, users can order a virtual card. Swype is linked to the Visa payment system, making it usable at any point where Visa is accepted. It is also compatible with Apple Pay and Google Pay, allowing use in over 100 million retailers worldwide.

Brahma emphasizes that users retain full control over their crypto assets with Swype. They can set borrowing limits and choose their preferred assets as collateral, enhancing security and freedom. Brahma's experience with onchain tools managing over $100 million in capital and $1 billion in transactions positions them to rapidly expand and maintain trust in Swype. This collaboration comes as more crypto firms seek to connect DeFi with real-world expenditure, aiming to make DeFi more functional in everyday applications beyond passive income or trading.

Swype has the potential to change the perception of crypto as a means of everyday transactions rather than just an investment. By offering real-time borrowing, easy payments, and global merchant support, Swype provides DeFi users with new control over their money. The crypto community is watching to see how quickly Swype will expand and whether more individuals will adopt this method of spending crypto without selling it.