Brahma launched Swype.fun, a credit card that lets users pay with cryptocurrencies without selling their holdings, thanks to a partnership with Euler Finance.
The integration will launch on Base, Coinbase’s Ethereum Layer 2 solution, and operates through Brahma Cards. When users connect the card, the protocol borrows USDC against positions on AAVE or Euler, settles payments instantly, and leaves crypto investments intact.
Brahma Leaves Control In Users’ Hands
To use Swype.fun, users need at least $1,000 in on-chain positions on AAVE or Euler. When authorizing the card, the user creates a sub-account on Euler that only they control.
Brahma receives delegation rights to borrow up to the user-defined limit, which includes setting maximum amounts, acceptable collateral assets, and spending caps.
The process does not involve third-party custody, as Brahma acts as a bridge between clients and decentralized protocols.
The process requires a one-time KYC through SumSub to issue the virtual card. Once approved, each payment triggers an instant USDC loan.
The system detects the merchant transaction, borrows the necessary amount, and settles the payment without requiring users to manually convert their cryptocurrencies.
Improving On-Chain Loan Usability
Founded in 2021, Brahma manages over $100 million in capital and exceeds $1 billion in transaction volume. Its client base surpasses 100,000 accounts.
The startup raised $6.71 million across two funding rounds led by Framework Ventures in 2022 and Greenfield Capital in 2023.
Euler, founded in 2021, operates a permissionless, non-custodial lending protocol on Ethereum. After a $197 million hack in 2023, the attacker returned much of the stolen funds.
At the end of 2024, the team launched Euler V2, introducing a modular credit layer and more flexible lending options. Since then, the network’s total value locked has exceeded $1.16 billion.
In May, Euler launched EulerSwap, a decentralized exchange leveraging its credit layer. The partnership with Brahma aims to enhance practical use of onchain loans by bringing them into everyday payment experiences. With Swype.fun, users can access instant credit lines without sacrificing ownership of their cryptocurrencies
