a16z-Backed Eco Launches User-friendly Crypto Wallet Beam On Optimism
Key Points:
- Eco Inc. launches user-friendly crypto wallet “Beam” on Ethereum Layer-2 networks.
- Beam enables easy crypto transactions without centralized control, enhancing financial privacy.
- Wallet’s user-friendly approach targets the mainstream adoption of decentralized finance.
Leading payments startup Eco Inc., backed by prominent investors such as Andreessen Horowitz (a16z) and Coinbase Ventures, made a significant stride in the crypto space with the launch of its user-friendly decentralized wallet called “Beam.” The wallet went live on Thursday and is set to operate on Ethereum Layer-2 blockchains, Optimism, and Coinbase’s Base, TechCrunch reported.
Described as a non-custodial payment system akin to a “global Venmo,” Beam offers users the convenience of sending and receiving cryptocurrencies without the need for traditional banks or exchanges. The wallet’s non-custodial nature ensures that users have full control and ownership of their funds, making it an appealing option for those who prioritize financial privacy and security.
One of the main challenges faced by self-custodial wallets is their perceived complexity, often requiring users to possess a certain level of crypto-savviness. Beam aims to bridge this gap by providing an intuitive and easy-to-use interface, catering even to crypto newcomers who can be onboarded within minutes.
To start using Beam, users can simply visit the wallet’s website, where a QR code linked to their wallet address is instantly generated. From there, they can transfer USDC stablecoins from existing wallets or convert fiat into crypto using the popular on-ramp service, Moonpay.
A unique feature of Beam is its ability to facilitate transactions without the need for recipients to have a pre-existing crypto wallet. Users can share a wallet URL containing the cryptocurrencies, enabling a seamless transfer experience.
The wallet’s foundation is built upon Ethereum’s layer-2 blockchains, Optimism, and Coinbase’s Base, which are expected to enhance transaction speeds and reduce fees. Additionally, Beam incorporates account abstraction (EIP-4884), which enables it to function as a smart contract, supporting advanced features like multi-factor authentication and wallet social recovery.
Eco Inc., which has secured approximately $90 million in funding from investors like a16z, Lightspeed Venture Partners, and Pantera Capital, has been diligently developing the Eco Protocol. The company’s vision for Beam is to foster mainstream adoption by simplifying the process of using a decentralized wallet.
Ethereum’s ERC-4337 implementation plays a crucial role in making Beam possible, providing a mechanism for easier recovery of crypto assets in the event of lost private keys to an online wallet.
With a strong focus on stablecoins, Beam’s flat-cost structure for transactions aims to create a user-friendly experience for crypto enthusiasts and newcomers alike. As the crypto payments space continues to witness significant growth and innovation, solutions like Beam bring decentralized finance one step closer to user-friendly experiences on par with traditional web2 platforms.
Eco Inc.’s commitment to revolutionizing the payments landscape with Beam underscores the potential of decentralized finance to empower individuals with greater control over their finances and privacy. As the project gains momentum, it will be interesting to observe how Beam contributes to the broader adoption of cryptocurrencies and decentralized systems in the future.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Chainalysis Teams Up With Deloitte To Surveil the Blockchain and Help Governments Fight Crime
Blockchain data platform Chainalysis and accounting giant Deloitte are announcing a new partnership to help governments with blockchain surveillance.
The partnership, announced during the Chainalysis Trace DC event, targets government agencies facing hurdles in fighting crypto-related crimes.
“Chainalysis will work with Deloitte’s blockchain and digital assets practice across cryptocurrency and digital asset risk, analytics, investigation, anti-money laundering/know your customer (AML/KYC), and regulatory compliance.”
According to Deloitte, cryptocurrencies obfuscate transactions and launder the proceeds of crimes. The difficulty in obtaining information from foreign exchanges, inconsistent policies across government agencies and the continuously evolving ecosystem of digital assets also complicate law enforcement. The firm says the partnership aims to address these challenges.
“We investigate obfuscation techniques like chain-hopping, mixers, and the use of decentralized finance (DeFi). We investigate the illicit use of non-fungible tokens (NFTs), tokens, and stablecoins. We follow the money from fiat to crypto (and vice versa).”
The team-up will see Chainalysis’ blockchain dataset, analytics software and training program merge with Deloitte’s risk, compliance and investigation services. Says Chainalysis President and Chief Revenue Officer Thomas Stanley,
“For law enforcement agencies, regulators, and financial ecosystem players across the nation, the alliance offers new, collaborative solutions that help identify transformation gaps, accelerate mission success at enterprise scale, and mitigate risk while increasing revenue.”
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