Eco.com Crypto Wallet Review + How to Earn 5% APY

The first debut of Eco.com in June 2021 was made possible by investors including Founders Funds, Activant, Lightspeed, Slow, Valour, and others. Eco Crypto Wallet Limited is the company’s full legal name.

Andy Bromberg is CEO, Henry Ault is President, Ryne Saxe is Co-Founder, Jeff Caron is Head of Finance for Crypto.com, which is based in America. Many members of the Eco.com team have come from other well-known financial institutions, such as Binance and Alliance Payment Solutions, as well as Western Union, JP Morgan, Deutsche Bank, Goldman Sachs, and McKinsey.

Unlike other consumer-facing financial technology products, the Eco App’s designers are actually aligned with its users. Since the 1970s, there hasn’t been a significant change in financial infrastructure or company structures.

We’ve come up with a new model in which we don’t take any money from you. One in which we’re all on the same page. To the top, not to the bottom. And that’s just a small part of what we have in mind. Learn why Eco is not a bank before diving into the deep end.

What is a Custodial Crypto Wallet?

When a service provider holds the private keys to a digital wallet, it’s known as a custodial wallet. As the customer, you can use and spend money, but you don’t have complete control over it. Although the wallet is allegedly yours, the service provider has the power to prevent you from moving or using the money in it if they so desire.

Users have full control over their money thanks to blockchain technology. If you have a bitcoin wallet, no one can stop you from using it. A PayPal account, on the other hand, can be frozen at any time by the service provider. 

In contrast, the Bitcoin wallet is noncustodial by default, but the PayPal wallet is custodial. Crypto service providers, such as exchanges, may offer “custodial” crypto wallets, in which you don’t have full control of the wallet’s private keys. This is crucial to note.

What is a Non-custodial Crypto Wallet?

Without the involvement of a third party, customers are free to store and manage their digital assets with a non-custodial crypto wallet solution. Since the user has complete control over their assets, they may be moved around with ease using these wallets. 

An additional benefit of using a private seed phrase when setting up an account is that it serves as a private key for synchronizing the wallet between different devices.

Since they are not linked to an exchange, non-custodial wallets give the user entire control over their digital assets. They can, however, readily connect to platforms for the sale or receipt of cryptocurrencies themselves. 

A non-custodial crypto wallet is likewise meant to make peer-to-peer transactions as simple as possible. Many blockchain applications, such as Defi and NFT, can be easily accessed with non-custodial wallets that do not store any cryptocurrency.

How does Eco work?

For the majority of individuals, using Eco and verifying that the advantages we’re presenting are real are the only things that will convince them to spread the word about it. Some people, on the other hand, need to hear more before they can make up their minds. There’s a good chance you’re one of them if you’re here.

There are definitely a few things on your mind when it comes to Eco. In what way does the APY of 2.5% (and possibly as high as 5%) work? Why not take advantage of the additional 5% in cashback offered? Without FDIC protection, how do people manage? Is Eco’s business model financially viable and long-term?

No one can deny the fact that our products outperform virtually anything else on the market (by a lot). It’s also critical that we create a long-term company that can serve you in the long run, even as we strive to make your money work for you.

Having a basic grasp of how today’s financial system works–and more especially, how it doesn’t–is necessary in order to appreciate our ability to provide the services we do.

Although the financial infrastructure that supports today’s financial system was once cutting-edge, it was last modernized in the 1970s. Shiny interfaces are all that modern “fintech” has to offer in an attempt to conceal this shaky base. You need to go down to the nitty-gritty if you want to know how to build a superior product and model. Fortunately, you can go as deep as you want with us (as long as you keep in mind that you’re the one asking!).

First, however, a few succinct responses. Eco eliminates banking system inefficiencies, and then Eco returns the savings to you.

What other benefits do I get with Eco?

There are a half-dozen intermediaries you’ve never heard of taking a cut every time you buy something from a merchant. Your money does not travel directly to the merchant when you swipe your credit card (like it does when you hand them cash).

Transactions such as this one take place between a cardholder’s financial institution, a financial institution that represents the merchant (known as “the acquirer”), and a third-party payment facilitator. There is also an additional “interchange” fee imposed by VISA or Mastercard, the networks that connect the parties involved in this web. For the vast majority of merchants, this amounts to somewhere between 3% and 4% of each transaction.

When you buy something online, add an additional 1% to the price to cover the costs of the company’s e-commerce platform. When you buy something from a retailer after seeing it on Google, Instagram, or Facebook, the retailer will often pay them an additional 25-50 percent of the transaction price or more.

What if there was a better way? With no intermediaries in between, you’ll save money by eliminating away the middleman.

Direct payments to merchants are what we enable. They can use the money in your Eco account to pay for things right now. To save money, retailers are willing to support shutting out the card networks. As a matter of fact, in many circumstances, they’ll even reward it (remember how much merchants are willing to pay Google for sending them a customer). When you buy something, you get a rebate in the form of cash.

How can I earn 2.5% APY with Eco?

There are surely a few questions on your mind regarding Eco. Just how much interest can you earn on a $250 investment with an annual percentage yield of 2.5%? Eco unlike the banks puts your money to work and the gains from that go directly to your pockets. 

Customers of Eco can only deposit and withdraw fiat money from their accounts. To deposit or send in cash, customers can choose. Nonetheless, Eco uses USDC stable coins to convert it into crypto.

Staking, a mechanism of allowing cryptocurrency to be used to safeguard blockchain transactions, is a hot topic in the crypto community. Although it’s part of the Defi universe, “yield farming” looks a lot like earning interest in the long run. For staked coins, Coinbase gives 4%, while others offer payouts of 8% or more, making it a good investment. Founded by Circle and Coinbase-backed consortium Centre, USDC coins are popular for staking.

How can I make 5% APY with Eco?

Website: “Eco is not a bank,” Eco declares in bold letters. The “spend, save, and generate money” feature, however, makes it a viable alternative to traditional financial institutions. In some cases, you can get 5% back on purchases made at participating shops. You also get a 2.5 percent yearly interest rate on your balance, which is much higher than the 0.5 percent many banks payout.

Users get 2.5 percent cash back for lending out USDC, or as much as 5 percent for referrals–all of which is converted back to fiat for consumers. A savings account is Eco’s version of this. However, they could make more money if they bought USDC directly and staked it at Coinbase or other crypto firms, but Eco is wagering that customers will favor the ease it offers and that Eco’s strategy is safer than direct “on-chain” methods.

What are Alternatives to Eco Crypto Wallet? 

There are many alternatives to Eco Crypto Wallet such as the following:

• Ledger

To ensure the safety of their tokens, Ledger has developed the world’s first and only certified hardware crypto wallet. It is the company that has created four wallets that have been sold in 165 countries. 

• Exodus

Exodus is a multi-asset crypto wallet that is completely anonymous. A desktop and mobile version are available, according to the wallet’s official website. Even novices will be able to use this application because of its user-friendly UI. Cryptocurrency exchanges can be made in addition to regular trades.

• Coinbase

In addition to buying cryptocurrency, Coinbase allows users to store their crypto in an online wallet. Despite the fact that there are only a few currencies supported, you’ll be able to locate the top players in every category.