Eco, Fintech’s savings and spending app, plans to convert user account balances held at Prime Trust into USDC. These USDC will then be held by Zero Hash which is a digital settlement platform.
Eco recently sent a message to users advising them of the move and requesting that they accept new terms for conversion by October 24th. If users do not agree to these terms, account features will be removed.
Eco will use Zero Hash, a digital settlement-service platform Zero Hash, to store the stablecoins.
Eco’s USDC trial dates back to 2020, when the company was still in beta mode. Andy Bromberg assumed control of the company. Eco raised $60 million last July to fund its USDC savings app.
Bromberg said that L Catterton, a private equity firm, and Activant Capital led the round. Andreessen Horowitz (a16z), Lightspeed Venture Partners LionTree Partners, Valor Equity Partners and LionTree Partners all contributed.
Binance USD (BUSD), the world’s largest crypto exchange, announced earlier this month that it would stop offering access for three stablecoins. These stablecoins are competing with Binance USD (BUSD). Binance stated that it is making the move to increase liquidity and capital efficiency on its exchange.