Eco, a fintech wallet app built atop crypto has announced a significant pivot. Although the Eco app is currently a custodial solution, the company is moving toward self-custody—thereby putting the spotlight on its second product, the non-custodial Beam wallet.

“Building custodial crypto products just doesn’t make any sense,” Andy Bromberg, CEO of Eco and Beam, told Decrypt, so they are doubling down on the “truly crypto side of things.”

The reasons are twofold, he explained.

Given that Eco is a U.S.-only consumer focused product, the country’s relentless regulatory clampdown around custodial products “is brutal,” Bromberg said. He pointed to Coinbase’s lawsuit and Revolut shutting down its crypto features as only two examples on a long list of the U.S.’s anti-crypto approach. 

Bromberg said “it has been a year” for custodial platforms–highlighting FTX’s collapse

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Author: Ryan Ozawa

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