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Fintech App Eco to Convert User Balances From US Dollars to USDC
Eco will use digital settlement-service platform Zero Hash to custody the stablecoins.
Updated May 11, 2023, 6:50 p.m. Published Sep 30, 2022, 3:30 p.m.
Fintech savings and spending app Eco plans to convert user account balances from U.S. dollars held at Prime Trust into USDC that will then be held at Zero Hash, a digital settlement service.
Eco recently notified users of the planned move in a message and said new terms for conversion must be accepted by Oct. 24. Account features will be suspended if users don't agree to the terms.
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Eco’s USDC trials date back to 2020 when the company was in beta mode and Andy Bromberg took over the reins at the company. In July of last year, Eco raised $60 million to propel its high-yield USDC savings app.
That round was led by private equity firm L Catterton and Activant Capital, Bromberg told CoinDesk at the time. Andreessen Horowitz (a16z), Lightspeed Venture Partners, LionTree Partners and Valor Equity Partners also chipped in.
Earlier this month, Binance, the largest global crypto exchange by volume, announced it would be discontinuing access to three stablecoins that compete with its own stablecoin, Binance USD (BUSD). Binance said it was making the move to improve liquidity and capital efficiency on the exchange.
Read more: Diddy, Haddish, Durant Revealed as Investors in Crypto-Powered Banking App Eco
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