Eco
A crypto savings app that told customers it was 'not a bank'
A US consumer app from San Francisco that converted dollar deposits into the USDC stablecoin, lent them out to pay 2.5% to 5% a year, and gave cashback at partner merchants.
- Capital raised (announced)
- Estimated
Recorded announced backing; this is separate from cash received, customer deposits and money recovered.
Funding
| Round | Date | Announced | Investors |
|---|---|---|---|
| March 2021 round | 2021 | ||
| Series B | 2021 | ||
| Earlier round (Expa and Pantera Capital) | Unknown |
|
Announced is what was said at the time. Cash actually received is rarely disclosed and is not assumed to match.
People
| Name | Role | Period | Now | Last checked |
|---|---|---|---|---|
| Andy Bromberg | Oct 2020 – end | Unknown | — | |
| Ryan Breslow | — | CEO of Bolt, the checkout company he co-founded, to which he returned as CEO in 2025 | Oct 2026 | |
| Henry Ault | — | Co-founder, @eco; VC with @joeykrug at AK Ventures | Oct 2026 | |
| Ryne Saxe | — | CEO of Eco, the company behind the app, which now builds stablecoin routing infrastructure | Oct 2026 | |
| Joey Krug | — | Partner at Founders Fund | Oct 2026 |
Timeline
5 March 2021
Backers named included Founders Fund, Coinbase Ventures, Slow Ventures and more than one hundred others. The app offered 2.5% to 5% a year on deposits and up to 5% cashback at merchants such as Amazon and Uber.
30 September 2022
Eco told users that balances held at Prime Trust would be converted into the USDC stablecoin held at Zero Hash, and that account features would be suspended for anyone who did not accept the new terms by 24 October.
July 2023
Built on the Optimism and Base networks.
20 September 2023
How it ended
Pivoted away
Eco said it would sunset its US-only app, deprecating its custodial features as the year wound down, with no plans to offer custodial products again. Chief executive Andy Bromberg told Decrypt that US regulation of custodial products was "brutal", and that the company would concentrate on its self-custody Beam wallet instead. The company itself carried on.
What happened next
- Acquisition27 January 2024
After the US consumer app ended, Crowdfund Insider reported the company’s acquisition of stablecoin commerce app Join. Integrating its shopping tools into Beam was a plan, not a completed integration in this report.
Still alive
Open spot
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Sources
17 sources behind this page.
- 1Eco Raises $60M in Funding · citybiz · Jul 2021
- 2Fintech App Eco to Convert User Balances From US Dollars to USDC · CoinDesk · Sep 2022
- 3Rewards-Focused Startup Eco Raises $26M in Round Led by a16z Crypto · CoinDesk · Mar 2021
- 4Digital Wallet Eco Secures More Than $26 Million Through Latest Investment Round Led a16z Crypto · Crowdfund Insider · Mar 2021
- 5Eco announces acquisition of Join · Crowdfund Insider · Jan 2024
- 6Andreessen-Backed Fintech Eco App 'Doubles Down' On Non-Custodial Crypto · Decrypt · Sep 2023
- 7Crypto Cashback App Eco Raises $26 Million in Funding Round Led by Andreessen Horowitz · Decrypt · Mar 2021
- 8Crypto Cashback App Eco Raises Another $60M, Is Monitoring BlockFi Situation · Decrypt · Jul 2021
- 9Eco Association Update: September 2023 · Eco Association (newsletter of the body supporting the ECO currency; an interested party) · Oct 2023
- 10Digital wallet Eco CEO discusses what's next after $60M Series B round · FinLedger · Jul 2021
Show 7 moreShow fewer
- 11Bolt CEO says he let go of his entire HR team for creating problems that didn't exist · Fortune · May 2026
- 12Joey Krug · Founders Fund
- 13Eco Raises $26 Million Led by a16z Crypto to Replace Checking Accounts, Credit Cards, and More · PR Newswire (company press release) · Mar 2021
- 14X account lookup: @eco · twitterapi.io (X data provider)
- 15X account lookup: @JHCA1 · twitterapi.io (X data provider)
- 16X account lookup: @rynesaxe · twitterapi.io (X data provider)
- 17X search: @eco posts mentioning Ryne Saxe or Henry Ault · twitterapi.io (X data provider)
Every figure above is clickable and opens the sources behind it. Copies were stored when each source was read, so a citation still resolves after the page it came from is gone.