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Today in Crypto: Crypto Neobank Juno raises $18 million

Eco, a FinTech savings and spending app, plans to convert its users’ account balances into a US digital currency, which will then be zero hash, CoinDesk reported.

US Digital Currency or USDC refers to cryptocurrencies pegged to the value of the US dollar. It is one of numerous similar instruments called stablecoins. Zero Hash is a cryptocurrency asset-as-a-service provider.

According to CoinDesk, Eco users have until October 24 to agree to the switch — and if they don’t, they’ll lose some features of the app by that time.

In a post on its website, Eco explains: “Zero hash migration will not change the way users interact with the Eco app, but users will have to accept the new contract terms. All current eco credit will be taken from USD held at Prime Trust converted to USDC held at Zero Hash on a 1:1 basis.

In other cryptocurrency news, Juno, a crypto banking platform, has raised $18 million in a Series A funding round, Crunchbase reported. The round was led by Parafi Capital.

Juno describes itself as “a cross-border neo-banking platform that aims to provide users around the world with a high-yield account to boost their savings”.

In October 2019, Juno announced a $3 million seed round led by Sequioia Capital India and Polychain.

TechCrunch reported that Juno “makes checking accounts available to crypto enthusiasts” and allows them to receive paychecks as cryptocurrency in accounts. The company said it integrates with all major US payroll platforms.

As part of the funding announcement, Juno said it would issue a loyalty token called the Juno Coin.

For all PYMNTS crypto coverage, subscribe to the daily newspaper Crypto Newsletter.

New PYMNTS study: How consumers are using digital banks

A PYMNTS survey of 2,124 US consumers shows that while two-thirds of consumers have used FinTechs for some aspect of banking services, only 9.3% cite them as their main bank.


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