Beam, a new self-custody digital wallet, has been launched, founded by former CoinList Executive and co-founder Andy Bromberg.
According to the Beam website, the global digital wallet lets you send money to anyone, anywhere, instantly.
In a series of Tweets, Bromberg explained that they realized that crypto-native payments products that were usable by the masses simply didn’t exist. So they built Beam, described as “dead-simple self-custody payments.”
INTRODUCING BEAM
The first self-custody payments wallet built for the mainstream — no download or signup required.
Beam is the easiest way on the planet to send anyone money.
Try it out with a single click 👇
— Andy Bromberg (@andy_bromberg) July 27, 2023
Bromberg says when you have money in Beam it is just like cash.
In a blog post, Beam is described as a step up from Web2 products like Venmo and Cash App. There is no sign-up necessary and no personal information is required. If you want to be paid, you send a link. The App is specialized just to accept payments. Currently, Beam accepts Eco and USDC.
Eco is a “monetary experiment” that aims to create a currency having the same independence of Bitcoin. If you try out Beam and connect it to a Twitter account you may receive some Eco in return. To take things another step, there is the Eco App, a neobank, that promotes its services as better than a bank. It does currently offer an APY of 5% on any savings. FDIC insured of course, in partnership with a chartered bank.