on the crypto
CoinList co-founder Andy Bromberg is leaving the token-buying company to lead Eco, a cryptocurrency designed to combine savings and spending.
A new project
CoinList has been the go-to token launch site while providing the useful back-end for compliant sales, ever since the initial coin offering (ICO) boom of 2017, when it was created by a partnership between AngelList and Protocol Labs.
Eco is a project that has existed for some time. Originally launched as Beam (not MimbleWimble's privacy token), it was renamed Eco thanks to the involvement of founding consultant, Garrett Camp, who owned the Eco brand.
Camp is a co-founder of Uber (NYSE: UBER) who supported the project through its venture fund, Expa. Right now Eco is in beta with a limited number of users, on trial with USDC. Subsequently, the ECO token will be launched as ERC-20.
Bromberg is excited about the action plan because, he argues, what the industry lacks is a way to engage people. “You need a migration path. That's kind of what we're seeing with DeFi and liquidity migration, ”Bromberg said, referring to how SushiSwap has prompted users to move their cash deposits from UniSwap to an emerging market maker.
Eco adoption
Eco will attract investments pretty much like banks do: giving people a good reason to deposit their salaries directly into the Eco app. They will do so, Bromberg argues, because it will allow them to invest some of it in cryptocurrency, such as a savings account, in which they will earn a much better return than a bank savings account ever could.
Bromberg spoke of an interest rate between 2,5% and 5%, far better than the less than 0,05% interest that most banks offer savers these days.
But, like a bank, it will make transactions easier and possibly better. Eco will insert discounts on payments to major e-commerce, such as Amazon. The idea is not unprecedented. This is basically the same strategy used by Alipay, Alibaba Group's (NYSE: BABA) payment system, to create the largest money market in the world.
Leave of CoinList
Bromberg pointed out that he is leaving CoinList despite the company doing very well. As a co-owner, he will remain as the company's special advisor, which will continue to be led by the other co-founder and CEO, Graham Jenkin.
During Bromberg's tenure, CoinList pioneered key space products, such as airdrops and online hackathons. It has earned gold standard status as a place to offer new tokens and the support of Square co-founder Jack Dorsey.
In his new role, which begins this week, Bromberg is looking forward to bringing the symbol of Eco to life. "The ECO currency will be launched in about six months and that currency, which is low volatility, is built from the ground up for payments," Bromberg said.
