Savings and spending app Eco plans to convert user account balances from US dollars held by Prime Trust into USDC.
According to Coindesk, Fintech spending and saving application In order to hold USDC balances at Zero Hash, a digital settlement service, Eco intends to convert user account balances from US dollars kept at Prime Trust into USDC.
Eco just sent out a note informing subscribers of the impending transition and requesting their acceptance of new conversion terms by October 24. Users’ account features will be disabled if they reject the terms.
Eco’s USDC trials date back to 2020 when the company was in beta mode and Andy Bromberg took over the reins at the company. In July of last year, Eco raised $60 million to propel its high-yield USDC savings app.
That round was led by private equity firm L Catterton and Activant Capital, Bromberg told CoinDesk at the time. Andreessen Horowitz (a16z), Lightspeed Venture Partners, LionTree Partners and Valor Equity Partners also chipped in.
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