To kick off a growing partnership with KlimaDAO, Eco is offsetting its carbon footprint and earning carbon credit yield through Klima Infinity, and is providing the Klima Community with Eco Points to distribute as rewards to Klimates for positive participation. In addition to market-leading cashback, Eco customers earn Eco Points every time they save or spend money.
Eco is a US-based consumer fintech platform designed to replace the everyday consumer’s checking, savings, and credit accounts with a single, easy-to-access balance built on a crypto backend. Activant Capital and L Catterton led the fintech company’s $60 million Series B in July 2021, joining a16z crypto, Founders Fund, Coinbase Ventures, P.Diddy, and Kevin Durant on an all-star cap table.
Eco cuts out the middlemen and facilitates transactions directly between the customer and merchants like Amazon and Uber. By eliminating hefty fees, Eco is able to pass those cost savings on to the customer, earning them up to 5% APY, 5% cash back on purchases, and Eco Points.
“At a16z Crypto, we are constantly on the lookout for paths to get cryptocurrency into the hands of the next billion people,” said General Partner Arianna Simpson and former General Partner Katie Haun in a March 2021 blog post. “That’s why we’re excited to announce our investment in Eco.”
Eco and Klima Infinity
Eco has committed to becoming climate positive by offsetting triple its historical footprint (7,699 CO2eq), as well as its emissions going forward, through Klima Infinity. As a company benefit, Eco employees’ personal footprints during their time with the company will also be offset.
As a Klima Infinity launch partner, Eco will keep their KLIMA staked indefinitely, with the exception of any KLIMA used to offset emissions. Eco is publishing its Polygon Klima Wallet Activity Dashboard for transparency and visibility. KlimaDAO will transition this data to a Klima Infinity Climate Pledge Dashboard in mid-to-late 2022 once the tool is available for use.
In addition to their sustainability commitment in partnership with KlimaDAO, Eco is also providing KlimaDAO with a grant of Eco Points, which the KlimaDAO Community team will distribute in the Klima Discord server as tips and prizes to incentivize positive community participation and climate activism.
What are Eco Points?
Eco describes Eco Points as “a pro-social rewards layer for the Internet.” They’re used when you want to express appreciation for a small action, without having to actually transact with real money.
It’s more than a like or an upvote, but less than a payment. It’s a signal to someone you interact with online that you’re glad to be part of the same community.
These points are built on an open standard, allowing for transfer across web2 and web3 platforms, and today they can be exchanged on Discord and Twitter. Eco is partnering with brands to enable redemption of Points in the future for various limited edition products, personalized items, and more.
For example, Klimates will see this play out in the Discord server, as the Community team can reward top Eco Points earners and sharers with access to special events, unique Discord roles and emojis, and exclusive channel access. If you receive Eco Points, you can keep them and show them off, or pay them forward to someone else.
This is just the beginning of a growing partnership between Eco and KlimaDAO. Both organizations share a belief in the power of blockchain to solve real-world problems for everyday people and the planet, and will work to create an ecosystem of smart, clean money together.
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