From old money to Smart Money How Eco saves—and makes—you money (plus: crypto actually explained for the first time) For most people, seeing is believing: once they test out Eco and confirm that the benefits we’re offering are real, they become our champions and invite everyone they know to the app. But some people need to hear more first. If you’re reading this, odds are you’re one of these people. You're probably wondering a few things about Eco. How does the 2.5% (and up to 5%) APY work? What about the 5% cash back? How do people get comfortable without FDIC insurance? How does Eco make money, and is it sustainable? It's totally reasonable to wonder how we can offer benefits that beat almost every other product on the market (by a lot). And while our mission is to make your money work for you, it's just as important that we build a sustainable business that can serve you forever. To understand how we’re able to offer the benefits we do requires at least a high-level understanding of how today’s financial system works—and more specifically, how it doesn’t. While the financial infrastructure that underpins today's financial system was once state of the art, the reality is that its last major update came in the 1970s. Most of modern “fintech” is just shiny interfaces attempting to hide this crumbling foundation. If you want to understand how a better product—and model—can be built, you need to get into some of the nuts and bolts. Thankfully, we're up for diving into the details as deeply as you want (as long as you remember that you're the one asking to go deeper!). But first, we'll give you some short answers. The common thread: Eco cuts out inefficiencies in the financial system, and then Eco passes the gains back to you.
Tue, Apr 6, 2021 10:05 PM