Eco Acquires Join to Expand Crypto Payments
With $95 million in funding, Eco aims to bring mass adoption and reliable decentralized payments to the mainstream. The company, known for its Ethereum layer-2 wallet Beam, has acquired Join, a stablecoin-based shopping app, to bridge the gap between major merchants and crypto users.
Beam Wallet is a self-custody wallet that allows users to make payments on Ethereum L2 networks like Coinbase’s Base and Optimism. It offers advanced security features such as account abstraction. Eco has backing from top crypto investors like Andreessen Horowitz and Lightspeed.
Enabling Stablecoin Spending on Major Platforms
The integration of Join will enable customers to spend stablecoins like USDT in supported online stores and instantly transfer money globally. Join’s CEO, Tom Dean, sees this acquisition as the next generation of user-friendly crypto payment experiences.
Beam CEO Andy Bromberg believes that combining Join’s seamless merchant integration with Beam’s peer-to-peer payments focus will make Beam the best payment product on the market.
The Significance of Stablecoins in Crypto
Stablecoins, with a combined market capitalization of nearly $140 billion, play a crucial role in the cryptocurrency industry. These tokens provide low-volatility currencies pegged to fiat currencies like the US dollar and serve as gateways into and out of crypto.
Stablecoins have already gained traction on leading blockchains like Ethereum and Solana, but there are possibilities for Bitcoin-based stablecoins to emerge. A forthcoming Bitcoin-based stablecoin could rival established players like Tether in terms of transaction speed and cost efficiency.
Hot Take: Eco’s Acquisition Expands Crypto Payment Options
Eco’s acquisition of Join marks a significant step toward expanding the usability of cryptocurrencies in everyday transactions. By integrating Join’s stablecoin-based shopping app with Beam’s Ethereum layer-2 wallet, Eco aims to create a seamless and user-friendly crypto payment experience for mainstream consumers.
This move aligns with the growing importance of stablecoins in the crypto industry, as they provide stability and serve as gateways to digital assets. With the combined market capitalization of stablecoins reaching nearly $140 billion, their adoption is crucial for the mass adoption of cryptocurrencies.
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