Consumer finance app Eco has joined forces with Zero Hash — a crypto-as-a-service infrastructure provider — to offer stablecoin-powered financial services to customers.
According to a Monday (Oct. 3) news release, Zero Hash “abstracts away the technological and regulatory complexities of fiat-to-crypto conversions and provides the complete building blocks for supporting USDC deposits and withdrawals, including liquidity and regulatory and compliance infrastructure.”
When a customer deposits U.S. dollars into the Eco app, Eco uses Zero Hash to exchange those dollars for stablecoin USDC on a 1:1 basis. Eco users can also use their Eco debit card to spend their USDC at stores, pay bills, and purchase merchant gift cards.
Users can make deposits to their Eco account from their external bank accounts via ACH or wires and also directly from their employer’s payroll systems, Eco said.
“Zero Hash’s crypto-as-a-service infrastructure allows Eco to launch new features quickly and effectively,” said Andy Bromberg, Eco’s CEO. “Zero Hash will help us make good on our promise to help users spend, send and save money with market-leading rewards.”
Eco says users must opt-in to the USDC conversion services and to the Zero Hash terms to hold balances in USDC.
See also: Zero Hash Tapped for Step’s Teen Crypto Platform
Earlier this year, Zero Has was chosen to help operate a cryptocurrency product for Step, a financial platform for teens and young adults.
Edward Woodford, the CEO of Zero Hash, said in an interview with PYMNTS that the partnership was interesting because Step’s product is about “financial education.”
He said there was more adoption going on in general, arguing that the world was moving in a direction more friendly to cryptocurrency, predicting that every neobank in the next 12 to 18 months would begin offering digital assets.
“I think everybody knows that crypto is here, but what I think is important is that the sophistication of the product that our partners are demanding has increased, or the amount of utilization of our existing products suite has increased dramatically over the last 12 months,” Woodford told PYMNTS.
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