Eco, a FinTech savings and spending app, plans to convert its users account balances to a U.S. digital currency that then will be Zero Hash, CoinDesk reported.
U.S. digital currency, or USDC, refers to cryptocurrencies pegged to the valued of the U.S. dollars. It is one of numerous similar instruments referred to as stablecoins. Zero Hash is a cryptocurrency asset-as-a-service provider.
According to CoinDesk, Eco users have until October 24 to agree to the switch — and if they don’t, they’ll lose some capabilities on the app at that time.
In a post on its website, Eco states: “The Zero Hash migration will not change anything about the way users interact with the Eco app, but users will need to accept the new terms of agreement. By accepting these terms, users acknowledge that their full current Eco balance will be converted from USD held at Prime Trust into USDC held at Zero Hash on a 1:1 basis.”
In other cryptocurrency news, Juno, a cypto-banking platform, raised $18 million in a Series A funding round, Crunchbase reported. The round was led by Parafi Capital.
Juno describes itself as “a cross-border Neo Banking Platform that aims to give users across the world a high-yield account to grow their savings.”
In October 2019, Juno reported a $3 million seed round led by Sequioia Capital India and Polychain.
TechCrunch reported that Juno “provides checking accounts to crpyto enthusiasts” and lets them receive paychecks into accounts as cryptocurrency. The company stated that it is integrated with all the major U.S. payroll-processing platforms.
As part of the funding announcement, Juno said it was releasing a loyalty token called Juno Coin.
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