Eco raised $ 26 million in a round led by 16z to scale

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Eco, which built a platform cryptocurrency Global Digital announced Friday that it has raised $ 26 million in a funding round led by a16z Crypto.The SF-based startup platform, founded in 2018, is designed to serve as a global payment tool for everyday transactions.The company stresses that it is "not a bank, deposit account or credit card.We are building something that is better than the combination of them all," said a blog post. In addition, the company's mission is described as an effort to use cryptocurrencies as a way to "marry saving and spending" according to this CoinList article.

Eco users can earn up to 5% annually on slot168 their deposits and get 5% cash back on transactions with merchants like Amazon, Uber, and more. Pay bills, pay friends, and more. “All from one wallet.” That same wallet rewards people with every spending or saving.Following a "successful" test of Alpha with millions of dollars in deposits, the company's Eco App is now available to the public.A number of other VC firms have participated in Eco's latest financing, including Founders Fund, Activant Capital, Slow Ventures, Coinbase Ventures, Tribe Capital, Valor Capital Group and more than a hundred other funds and angels, Expa. And Pantera Capital led the company's $ 8.5 million funding round.

CoinList co-founder Andy Bromberg stepped down last fall to head to Eco, formerly known as Beam, before rebranding to Eco "thanks to the mentor who held Garrett Camp. The "Eco" brand, according to Coindesk Camp, is the co-founder of Uber and Expa is his venture fund.For a16z Crypto, the lead in the round is on its mission.In a blog post co-authored by Katie Haun and Arianna Simpson, the company outlined why Eco and its plans have to be taken into account.One of the challenges in emerging industries - crypto is no exception, is creating things that are not just cool for the sake of being cool.

Technology is the best way to improve people's lives in tangible and tangible wayswhere technology is the best for improving people's lives. a16z Crypto, we look for a path to lead cryptocurrency Into the hands of billions of people anyway How do we think that will happen? By helping them achieve what they want to do - spend, save and generate income - and by focusing on users with tangible benefits, not underlying technology.Eco is not the only crypto platform that rewards its users. Lolli gives users free bitcoin or cash when they shop at 1000's of the top stores.