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Usha Yadav
Oct 1, 2022
by Usha Yadav

Eco To Convert User Account Balances From US Dollars Into USDC

Eco USDC

Table of contents

  1. U.S. Dollars into USDC
  2. Eco's USDC Trials Date Back to 2020
The fintech savings and spending app Eco intends to change user account balances from dollars held at Prime Trust into USDC, which would then be kept at Zero Hash, a digital settlement service.

U.S. Dollars into USDC

Eco sent out a note informing subscribers of the impending transition and requesting their acceptance of new conversion terms by October 24. Those who reject the same would have their account features disabled. The first Eco USDC trials took place in 2020 when the company was still in beta, and Andy Bromberg had just taken over as CEO. Eco raised $60 million in July of last year to support its high-yield USDC savings app.

Eco's USDC Trials Date Back to 2020

Eco was a project that has been stealthy for some time. Launched initially as Beam (not the MimbleWimble privacy coin), it has rebranded to Eco. The ECO token was launched as an ERC-20.

According to Bromberg, the private equity company L Catterton and Activant Capital led the funding round. Additionally, Andreessen Horowitz (a16z), Lightspeed Venture Partners, LionTree Partners, and Valor Equity Partners contributed to the round.

The biggest cryptocurrency exchange by volume worldwide, Binance, declared earlier this month that it would stop offering three stablecoins that were in direct competition with Binance USD, its stablecoin (BUSD). Binance announced it was taking steps to increase exchange liquidity and capital efficiency.

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Eco To Convert User Account Balances From US Dollars Into USDC
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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