What is Prime Trust?
For Eco, Prime Trust enables user deposits to be received in USD and transferred to our cryptocurrency custody partner, Zero Hash, who converts and holds those funds in USDC. User funds are never lent out. You can read the user agreement here.
Prime Trust also facilitates USD withdrawals once Zero Hash converts USDC back to USD.
What is Zero Hash?
Zero Hash is a leading infrastructure platform that allows companies to integrate digital assets natively into their own system quickly and easily. Zero Hash enables developers and businesses to focus on building experiences and products.
Zero Hash will allow Eco to leverage crypto infrastructure in order to provide great features, as well as launch new features quickly and effectively. Zero Hash will help us make good on our promise to help users spend, send and save money with market-leading rewards.
We’ve decided that Zero Hash is also the right long-term partner for future integrations that will be included in the Eco app. Their commitment to innovation while maintaining regulatory compliance also suits Eco’s needs as we scale the world’s first open rewards currency.
The Zero Hash migration process
The Zero Hash migration will not change anything about the way users interact with the Eco app but users will need to accept the new terms of agreement. By accepting these terms, users acknowledge that their full current Eco balance will be converted from USD held at Prime Trust into USDC held at Zero Hash on a 1:1 basis. Note that all funds in your account held at Zero Hash remain your property—the title does not transfer to Eco or Zero Hash. Neither Eco nor Zero Hash loan out your money.
If users do not accept the terms by the migration date, many features in the Eco app will be suspended, including: use of the Eco debit card, recurring deposits, and the ability to earn market-leading APY rewards and Eco Points. They will have to contact firstname.lastname@example.org to withdraw their funds. Full functionality of the app will be regained once the terms are accepted.
About Zero Hash
Cryptocurrency transaction and custody services are powered by Zero Hash LLC and Zero Hash Liquidity Services LLC. When you enable Eco, you must also agree to the Zero Hash LLC and Zero Hash Liquidity Services LLC terms and conditions and enable your Zero Hash account. Cryptocurrency assets are held and custodied by Zero Hash LLC, not Eco, Inc. Services may not be available in all states. Cryptocurrency assets are not subject to Federal Deposit Insurance Corporation or Securities Investor Protection Corporation coverage. The value of any cryptocurrency, including digital assets pegged to fiat currency, commodities, or any other asset, may go to zero. Zero Hash LLC is licensed to engage in Virtual Currency Business Activity by the New York State Department of Financial Services.