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Eco partners Zero Hash to offer USDC financial services

Tuesday 4 October 2022 11:25 CET | News

US-based Eco, a consumer finance app that lets you spend, send, save, and make money, has partnered with Zero Hash to offer USDC-powered financial services to customers.

 

Zero Hash, a global B2B2C crypto-as-a-service infrastructure provider, abstracts away the technological and regulatory complexities of fiat–to-crypto conversions and provides the building blocks for supporting USDC deposits and withdrawals, including liquidity and regulatory and compliance infrastructure.

How does it work?

Eco offers its users a different system of savings, checking, and payments. When a customer deposits USD into the Eco app, Eco uses Zero Hash’s platform to exchange those USD 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 USD for withdrawal to the end-customer’s bank account or payment to a third party, as applicable.

US-based Eco, a consumer finance app that lets you spend, send, save, and make money, has partnered with Zero Hash to offer USDC-powered financial services to customers.

 

Clients can then 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 directly from their employer’s payroll systems.

USD Coin (USDC), commonly referred to as a type of stablecoin, is a type of cryptocurrency designed to maintain price equivalence with the USD by holding USD 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 the companies

Zero Hash is a B2B2C embedded infrastructure platform that allows any platform to integrate digital assets natively into their own customer experience. 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.

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 doesn’t charge fees. Eco creates a consumer fintech product whose creators are aligned with its users. The Eco App combines savings with rewarded spending in a single compounding balance.

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Keywords: partnership, cryptocurrency, crypto asset, stablecoin, digital wallet
Categories: DeFi & Crypto & Web3
Companies: Eco, Zero Hash
Countries: World
This article is part of category

DeFi & Crypto & Web3

Eco

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Zero Hash

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