Digital Wallet Beam Acquires Payment Protocol Join to Ease Online Shopping with Stablecoins
In Brief
Beam wallet acquired payment protocol Join to facilitate online shopping transactions on Amazon and Shopify using stablecoins.
Eco Inc., the crypto payments company behind the self-custody wallet Beam, announced its acquisition of Join—a payment protocol and shopping application that enables users to make purchases using stablecoins. With this new acquisition, Eco aims to bolster its capabilities in facilitating online shopping transactions at major retailers, including Amazon and Shopify.
According to the announcement, the official invitations for the users in the waiting list are scheduled to be sent out starting in February.
With the new integration users will be able to directly use their Beam wallet balance for in-app purchases from a shared interface–by entering shipping details, pasting a product link, specifying any product details and confirming the order.
The development of Join aimed at facilitating effortless spending of stablecoins, and its integration into Beam is set to take this vision to new heights. The application is designed to abstract various stablecoins across multiple networks, intelligently routing all transactions.
According to Andy Bromberg, CEO of Beam, in contrast to custodial solutions such as Venmo or Coinbase, Beam is set to become more user-friendly. Additionally, recent technological strides in the Ethereum ecosystem are enabling mainstream users to experience the advantages of noncustodial wallets for the first time, marking a significant shift in accessibility.
Eco Targets Cryptocurrency Mainstream Adoption
Eco, the creator of a protocol bearing the same name and supported by the cryptocurrency-focused venture capital firm a16z, received total funding of $95 million before introducing Beam wallet last year. The wallet facilitates peer-to-peer global payments and has garnered approximately 80,000 users.
While many wallets require user registration and the completion of know-your-customer (KYC) checks, Beam users can initiate payments using a link or a QR code. This approach aims to replicate the experience of using cryptocurrencies similarly to cash payments. The wallet operates on Ethereum Layer 2 blockchains Optimism and Coinbase’s Base.
Addressing the simplification of sending and receiving cryptocurrencies is among several challenges that, if resolved, could potentially accelerate cryptocurrency mainstream adoption—a concern actively being explored by many developers.
Last year, the Wallet bot integrated into the Telegram messaging application, enabled cryptocurrency to be sent within chats. Subsequently, this functionality included the capability for merchants to accept payments.
Eco’s acquisition of Join signifies a strategic move to enhance its capabilities in enabling online shopping transactions with stablecoins at major retailers, contributing to the integration of cryptocurrencies into everyday use and facilitating faster cryptocurrency adoption.
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
