a16z-backed Eco unveils Beam, a P2P crypto transfer service
Nowadays, there is increased activity within the crypto payments space as developers work hard to increase the user-friendliness of decentralized finance.
Eco Inc., a payment startup backed by a16z, has raised approximately $95 million in funding. Now it has introduced its new P2P crypto transfer service known as Beam. According to the Eco’s CEO, Beam is a noncustodial payment system that functions like a “Global Venmo”
The wallet’s non-custodial nature guarantees that no centralized party can access the user’s funds, which is the most attractive feature for consumers. Moreover, it is an ideal choice for those who want financial privacy because the wallet is not linked to one’s identity.
The main aim of Beam is to overcome the issue of users needing to be crypto-savvy. This is done by designing decentralized wallets intuitive enough that even people new to crypto can use the wallets within minutes.
To get started with Beam, users only have to visit its website. From there, a QR code linked to a wallet address is automatically generated and they can easily transfer USD stablecoins from their existing wallets. Additionally, users can use the popular on-ramp service, Moonpay, to convert fiat into crypto. Users can share a wallet URL containing cryptocurrencies to transfer funds to others. This means that the receiver doesn’t need to have already a crypto wallet set up to receive the tokens.
Beam only focuses on peer to peer payment scenarios in its initial stage. Its main aim is to evolve into a global visa-like platform.