Eco, a cryptocurrency startup that claims it’s constructing a brand new kind of finance platform, has opened to the general public with a recent funding of $26 million below its belt.
In accordance with a blog post Friday, the agency’s second fundraise was led by a16z Crypto – the digital asset funding arm of Andreessen Horowitz – with Founders Fund, Activant Capital, Sluggish Ventures, Coinbase Ventures, Tribe Capital, Valor Capital Group and extra additionally collaborating.
CoinList co-founder Andy Bromberg took up the highest job at Eco final October, as CoinDesk reported on the time.
Eco’s gross sales pitch is that its platform is “not a financial institution, checking account, or bank card — we’re constructing one thing higher than all of these mixed.”
Eco gives rewards on each crypto-asset financial savings and spending at companies like Amazon and Uber (Eco founder Garrett Camp is an Uber co-founder). Customers will see cashback of as much as 5% on spending and can earn 2.5%–5% yearly with belongings simply sitting of their accounts, per the put up. The highest fee for financial savings relies on referrals to mates.
The startup says it may possibly afford to do that by “chopping out the inefficiencies and misaligned enterprise fashions of the present monetary system.”
“Eco’s mission is to reimagine not solely how client monetary merchandise work — but in addition to reimagine cash itself,” a16z Crypto’s Katie Haun and Arianna Simpson mentioned in a blog post concerning the funding. “With out the burden of legacy, misaligned enterprise fashions, Eco is ready to provide rewards that sound nearly too good to be true, however aren’t.”
The corporate, which has simply opened up from personal alpha mode, beforehand raised $8.5 million in a spherical led by Expa (Camp’s startup studio) and crypto funding agency Pantera Capital.