CHICAGO, Oct. 03, 2022 (GLOBE NEWSWIRE) -- Eco, the consumer finance app that lets you spend, send, save, and make money at the same time and is backed by investors including A16Z, today announced it has partnered with Zero Hash to offer USDC-powered financial services to customers.
Zero Hash, the leading global B2B2C crypto-as-a-service infrastructure provider, abstracts away the technological and regulatory complexities of fiat–to-crypto conversions and provides the complete building blocks for supporting USDC deposits and withdrawals, including liquidity and regulatory and compliance infrastructure.
Eco offers its users an innovative system of savings, checking, and payments. When a customer deposits US Dollars into the Eco app, Eco leverages Zero Hash’s platform to exchange those US Dollars for USDC on a 1:1 basis. Once a user’s US Dollar deposit settles, that equivalent amount of USDC is deposited into an account in the customer’s name at Zero Hash and shown in their Eco app balance. When the end-customer withdraws or spends money from their Eco account, the USDC balance is exchanged back into US Dollars for withdrawal to the end-customer’s bank account or payment to a third party, as applicable.
Additionally, Eco users can use their Eco debit card to spend their USDC at merchant stores, pay bills, and through merchant gift cards. They can make deposits to their Eco account from their external bank accounts through ACH or wires and also directly from their employer’s payroll systems.
“Eco is a market innovator in offering new financial products to customers, and we are pleased to power crypto products for innovative companies such as Eco that are on a mission to provide improved experiences for consumers,” said Edward Woodford, CEO of Zero Hash. “Our turnkey solution for digital assets allows Eco to focus on building great products and experiences for their customers, launching quickly and securely and with little regulatory burden.”
“Zero Hash’s crypto-as-a-service infrastructure allows Eco to launch new features quickly and effectively. Zero Hash will help us make good on our promise to help users spend, send and save money with market-leading rewards. Their commitment to innovation while maintaining regulatory compliance also suits Eco’s needs as we scale the world’s first open rewards currency.” said Andy Bromberg, CEO of Eco.
USD Coin (USDC), commonly referred to as a type of stablecoin, is a type of cryptocurrency designed to maintain price equivalence with the U.S. Dollar by holding $1 of fiat and/or high-grade liquid assets in reserve for each USDC in circulation. Launched in 2018 by regulated global financial technology firm Circle, there are currently 50+ billion USDC in circulation.
Eco users will be required to opt-in to the USDC conversion services and to the Zero Hash terms to hold balances in USDC. Additionally, Zero Hash will not generate yield on USDC balances or pay any return to those who opt in. All rewards on Eco account balances and activity are paid by Eco and subject to its user agreements.
About Zero Hash
Zero Hash is a B2B2C embedded infrastructure platform that allows any platform to integrate digital assets natively into their own customer experience quickly and easily (a matter of API endpoints). Zero Hash’s turnkey solution handles the entire backend complexity and regulatory licensing required to offer crypto products.
Zero Hash Holdings, through its affiliates, powers neo-banks, broker-dealers, payment groups, as well as non-financial brands to offer digital asset trading and custody, crypto-backed rewards and round-ups programs, and the ability to earn crypto through staking and DeFi.
Zero Hash Holdings is backed by investors, including Point72 Ventures, Bain Capital Ventures, and NYCA.
Zero Hash LLC is a FinCen-registered Money Service Business and a regulated Money Transmitter that can operate in 51 US jurisdictions. Zero Hash LLC and Zero Hash Liquidity Services LLC are licensed to engage in virtual currency business activity by the New York State Department of Financial Services.* In Canada, Zero Hash LLC is registered as a Money Service Business with FINTRAC. Zero Hash Australia is registered with the DCE registered provider number 100804170–001.
*Zero Hash services offered through Eco will not be available in New York or to New York customers.
Eco is a digital wallet replacing checking and savings accounts, credit cards, and more with a single balance that rewards you every time you save, spend, or send your money and never charges fees. Eco puts your money back to work for you—creating the first consumer fintech product whose creators are aligned with its users. The Eco App combines high-yield savings with rewarded spending in a single, compounding balance that's easy to manage. Eco lets you pay your bills and put your financial life on autopilot. And through all of this—unlike every other financial services company—Eco doesn't skim from you.
That’s only possible because of Eco Points, a new open rewards currency. Eco Points keep our stakeholders—Eco, Eco App users, and the Eco community—aligned to win together. Eco’s backers include a16z Crypto, Founders Fund, L Catterton, Activant Capital, Expa, Coinbase Ventures, Slow Ventures, and over one hundred others.
To learn more, visit https://www.eco.com.
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