Diddy Funds Crypto-Powered Banking App Eco

In April, Nas made a fortune on his early Coinbase investment. In March, Diddy hopes his bet on Eco will yield a similar outcome .The rapper and a bevy of celebrities, athletes and entertainers joined Eco’s $26 million round earlier this year, according to Eco CEO Andy Bromberg. Among them: comedian Tiffany Haddish, National Football League players Larry Fitzgerald and Kelvin Beachum Jr., musician Justin “3LAU” Blau and soccer player Keisuke Honda.

“We are excited to help transform banking to make it more accessible for all,” Anthony said in a statement.

The fintech wallet app Eco is not a full-fledged crypto platform. Rather it runs crypto operations in the back-end. The startup, however, serves as a bank alternative and rewards users with a cash-back system similar to credit card points. The Eco app generates business by lending users’ deposits in the form of USDC stablecoin. Apart from the cashback rewards, the app also offers 2.5% returns on the deposits.

The A-listers’ participation may show strength in Eco’s model of downplaying its crypto bona fides, both among consumers and investors. Without flashing the USDC angle Eco is capturing names, investments and, most importantly, users: 170,000 at last count, Bromberg said. 

Celebrity participation in the crypto space has increased in recent times. Especially with the explosion of NFTs. So far, Eco has raised a total of $34.5 million in total funding while its app is in closed beta.