Crypto Wallet Beam Goes Live: Making Crypto Payments as Easy as Cash
Crypto wallet Beam, developed by fintech firm Eco and backed by notable investors such as Andreessen Horowitz and Coinbase, has officially launched. Unlike most wallets that require sign-ups and KYC checks, Beam simplifies the process of sending payments by using a link to a QR code, aiming to replicate the experience of using crypto as cash. The wallet supports Eco’s native token ECO and stablecoin USDC. Built on Ethereum layer-2 blockchains Optimism and Coinbase’s Base, Beam utilizes Ethereum’s ERC-4337 implementation for easier recovery of lost private keys and Optimism’s “Superchain” initiative for faster transactions and lower fees.
Key Points:
- Beam wallet allows users to send payments using a link to a QR code, eliminating the need for sign-ups and KYC checks.
- The wallet supports Eco’s native token ECO and stablecoin USDC.
- Beam is built on Ethereum layer-2 blockchains Optimism and Coinbase’s Base.
- Ethereum’s ERC-4337 implementation enhances the wallet’s key recovery process.
- Optimism’s “Superchain” initiative increases transaction speeds and reduces fees.
Eco, the developer of Beam, has raised $95 million in funding from investors such as Founders Fund, Lightspeed Venture Partners, Pantera Capital, Andreessen Horowitz, and Coinbase Ventures. The simplification of crypto payments, as demonstrated by Beam, is a step towards mainstream adoption of cryptocurrencies and could pave the way for further innovation in the industry.
Hot Take:
Beam’s user-friendly approach to crypto payments is a significant development in the industry. By eliminating the barriers of sign-ups and KYC checks, Beam is making it easier for individuals to transact using cryptocurrencies. This innovation aligns with the goal of accelerating mainstream adoption and improving the overall user experience. With the support of prominent investors and the utilization of Ethereum’s technology, Beam has the potential to become a widely used wallet in the crypto community.
Cora Skindell is a standout figure in the world of cryptocurrency analysis, research, and editorial expertise. As a seasoned crypto analyst and researcher, Cora’s insights delve deep into the complexities of digital assets, resonating with a diverse audience. Her ability to dissect intricate crypto concepts is complemented by her adept editorial skills, enabling her to distill complex information into easily understandable content. Cora’s contributions serve as a valuable compass for both seasoned and novice individuals seeking to navigate the dynamic landscape of cryptocurrencies. With a keen eye for detail and a commitment to accuracy, she empowers informed decision-making in the ever-evolving crypto space.
