Eco, a California-based digital crypto app, has now secured $26 million in funding.
Eco, is founded by Andy Bromberg. It is beginning with a crypto app offering a wallet and rewards users anytime which they save or spend dollars and featuring a checking account and a credit card.
“We’re building something better than all of those combined,” it said in a blog post. The company’s mission has also been described as an effort to use cryptocurrency as a way “to marry savings and spending,” according to this CoinList article.
“One of the challenges in any new industry — crypto being no exception — is building things that are not just cool for the sake of cool, but that manage to reach and delight a broad set of users,” they wrote. “Technology is at its best when it’s improving the lives of people in tangible, concrete ways…At a16z Crypto, we are constantly on the lookout for paths to get cryptocurrency into the hands of the next billion people. How do we think that will happen? By helping them achieve what they already want to do: spend, save, and make money — and by focusing users on tangible benefits, not on the underlying technology.”
The round, which brought the total funding secured to date to $35 million, was backed by Andreessen Horowitz’s a16z Crypto with participation from the Coinbase Ventures, Activant Capital, Founder’s Fund, Valor Group, Tribe Capital, Slow Ventures, and one hundred other funds and angels.
Apart from that, Expa and Pantera Capital also invested in the Eco.
The company, as of now, has plans to use the new funds to continue to expand operations, its business outreach, and its development efforts.