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Users of Beam can transmit payments by simply using a link to a QR code, eliminating the need for sign up or KYC checks. The technology seeks to make using cryptocurrency almost financially seamless, turning it into a type of digital cash. Beam is based on the layer-2 Ethereum blockchains Optimism and Base on Coinbase, and became possible thanks to Optimism’s Superchain initiative and Ethereum’s ERC-4337 implementation. This protocol makes it easier for users to recover lost crypto in an online wallet should their private key become unavailable.
The addition of business payments earlier this month and the introduction of the Wallet bot on Telegram that permits Bitcoin transmission in chats in March, likewise, can help accelerate the public’s adoption of cryptocurrencies. To make sending and receiving crypto effortless, Eco has aided developments in the space through five fundraising rounds, taking in around $95 million between September 2019 and July 2021, with contributors from Founders Fund, Lightspeed Venture Partners, Pantera Capital, a16z, Andreessen Horowitz, and Coinbase Ventures.
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