Global cryptocurrency platform Eco has gotten its fingers on some serious cash following a heavy funding round that garnered the company roughly million. The event was led by a16z Crypto. Eco Is Making a Lot of Moolah The company was founded three years ago in 2018. It’s main claim to fame is a crypto product it initially developed for around-the-world purchases of everyday items. However, Eco has made it clear in the past that it is not a banking or financial institution, and that the product itself cannot be compared with a checking account or with a credit card. In a blog post, Eco states: We’re building something better than all of those combined. The blog also mentions the many ways that banks and standard financial companies are taking advantage of their
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Global cryptocurrency platform Eco has gotten its fingers on some serious cash following a heavy funding round that garnered the company roughly $26 million. The event was led by a16z Crypto.
Eco Is Making a Lot of Moolah
The company was founded three years ago in 2018. It’s main claim to fame is a crypto product it initially developed for around-the-world purchases of everyday items. However, Eco has made it clear in the past that it is not a banking or financial institution, and that the product itself cannot be compared with a checking account or with a credit card.
In a blog post, Eco states:
We’re building something better than all of those combined.
The blog also mentions the many ways that banks and standard financial companies are taking advantage of their companies through high fees and unnecessary services. The piece states:
Today, more parties than you can imagine are involved in every financial transaction you make. Each one of those parties – banks, credit cards, processors and more – take fees every step of the way. Plus, banks have convinced you to hold your money in a dozen different places, charging you even more fees on top of that. It’s impossible to fix these problems within the existing paradigm. The only way out is to build a new system.
The company mentions that anybody who uses their crypto product can earn as much as five percent cashback on all their deposits. In addition, they can also earn up to five percent on any purchase they make with Amazon, Uber and several other retailers across the globe. Right now, Eco says it’s planning to use its latest funds to build up its infrastructure so that customers can utilize its product to pay bills and send money to friends and family.
Among the other companies that took part in the funding round were Slow Ventures, Founders Fund, Coinbase Ventures, Tribe Capital and Valor Capital Group.
Building Up Technology for Practical Purposes
A separate blog post published by a16z explained why the company was so excited to be involved in Eco’s growth. It read:
One of the challenges in any new industry – crypto being no exception – is building things that are not just cool for the sake of cool, but that manage to reach and delight a broad set of users. Technology is at its best when it’s improving the lives of people in tangible, concrete ways… At a16z Crypto, we are constantly on the lookout for paths to get cryptocurrency into the hands of the next billion people. How do we think that will happen? By helping them achieve what they already want to do: spend, save and make money, and by focusing users on tangible benefits, not on the underlying technology.