Eco Inc, a payments firm supported by leading Web3 VCs led by a16z, has launched a decentralised payment wallet called Beam. The wallet enables users to transact on Optimism and Ethereum Layer 2 networks. To date, Eco Inc. has raised approximately $90 million from investors like a16z, Lightspeed Venture Partners, and Pantera Capital to develop Eco Protocol over several rounds of funding. The wallet prioritises stablecoins and implements a flat-cost structure for all transactions taking place on the platform.
Beam’s disruptive take on decentralised payments
Beam’s says that its mission is to make using a decentralised wallet so simple that even crypto newbies can get started in a matter of minutes. Users can get started with Beam by visiting the wallet’s website, where a QR code associated with their wallet address is generated instantly. There, consumers can exchange fiat currency for cryptocurrency using the well-known on-ramp provider Moonpay. In addition, they can move USDC stablecoins from their existing wallets.
The cryptocurrency stored in a user’s wallet can be sent to another person simply by sending them the wallet’s unique URL. This means that the recipient can get the tokens without having to first create a cryptocurrency wallet.
Beam also uses ENS domain names, which are decentralised identities built on Ethereum, to replace lengthy and cryptic wallet addresses. Users can generate unique ENS names within Beam and pay with the native Eco coins.
Because the wallet is non-custodial, no third party, such a bank or exchange, can access the user’s assets. In addition, the wallet offers high level of privacy since it cannot be traced back to a specific person. Beam uses the Optimism layer-2 rollup built on Ethereum and integrates with Coinbase’s Base network.
Beam’s initial focus is on peer-to-peer payment scenarios, and the company hopes to take a sizeable portion of Venmo’s market globally, especially in regions where the U.S. dollar is widely used. Ultimately, it hopes to be shoulder-to-shoulder with Visa globally.