Crypto credit card startup Brahma taps Euler Finance for decentralized lending option

Euler Labs has partnered with crypto payments startup Brahma on a new credit card called Swype.fun enabling users to make "real-world payments with crypto without selling" their holdings. The integration is launching on Base, the Ethereum Layer 2 incubated by Coinbase, and will be powered by Brahma Cards.The cards will enable users to borrow directly from positions on the decentralized lending platform Euler. V1.0 of Swype can be used by anyone holding a cumulative position of over $1,000 on either AAVE or Euler, both onchain credit platforms.“When you swipe at a merchant, Brahma Infrastructure automatically connects your card to lending protocols like AAVE or Euler, borrows USDC against your crypto, and settles payments just in-time," Brahma wrote in its documentation. It "gives access to an instant credit line powered by Euler."Granting approval to Swype permits it to borrow assets on a user's behalf; however, users will remain in control of the maximum borrow amount, which assets can serve as collateral, and other spending limits, Brahma wrote. Users will have to complete a one-time KYC process via SumSub to receive a virtual card.“When you approve an Euler position, a sub-account on Euler is created that you own. Swype only gets delegation rights to borrow on your behalf,” Brahma said, noting that its infrastructure is also non-custodial.Brahma, founded in 2021, claims to support over $100 million worth of capital, $1 billion in transaction volume, and over 100,000 accounts. It has raised a total of $6.71 million in funding, including a seed round led by Framework Ventures in 2022 and a seed extension in June 2023 led by Greenfield Capital.Euler operates a non-custodial, permissionless lending protocol on Ethereum, allowing users to accrue interest on their cryptocurrency assets. Initially launched in 2021, the protocol suffered a major $197 million exploit in 2023. Notably, the attacker ended up returning a lot of the stolen funds with an apology.The team launched an updated Euler V2 in late 2024, introducing a modular credit layer and more customizable lending options. Since relaunching, Euler’s total value locked has risen above $1.16 billion, of which about $14 million is on Base, according to DeFiLlama. The token is trading at $13.58, close to its all-time high, according to The Block’s price data. In May, Euler launched a decentralized exchange called EulerSwap.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.