Peer to peer payment platform Metallicus the initiative behind the metal Shares, the youngest millionaire took a Bitcoin. Erik Finman undisclosed angel investment.
In partnership with Metal Pay CEO Marshall Hayner, they are both looking to develop the first “all-in-one crypto money banking platform, which includes 17 digital asset exchanges, a digital bank and a payment application with social features similar to Venmo.
Founded in September, Metal Pay has processed approximately $ 11 million in total payments from approximately 130,000 registered users in 38 states. According to Hayner, the company continues to operate at $1 million in crypto or price for about 30,000 active users on a monthly basis.
Finman said he used a modest amount of bitcoin to finance the development of the banking and foreign exchange ecosystem, adding that he now has about $ 2 million in fiat money on crypto and platform. Finman, 20, told CoinDesk, despite his willingness to put in a bitcoin fortune of “400 için to finance Metal Pay’s growth.
In the past, I had a slightly different idea, such as “Crypto is dead” / ti Resurrected Bitcoin ”, but in recent months I have discovered that the bitcoin community is particularly super fragmented. And the actual availability for bitcoin is minimal ”
He said the project was an attempt to go beyond these silent developments in the crypto-money industry and become an available financial tool.
Hayner said that krypton reflects the “current financial industry rather than the open-source community on which it is based“ in the days when you can still use BTC on the MacBook ”.
Before Metal was founded in 2016, Hayner Stellar helped build Dogecoin and Block.io. The company has previously received $ 3 million in funding from G2 Ventures, Gateway and Shapeshift CEO Erik Voorhees.
Both adopted a “crypto-agnostic approach to setting up the system and actively worked with regulators.
Metal Pay is partnered with Arkansas-based Evolve Bank and Trust to provide FDIC insured deposit accounts. As the platform evolves, Evolve will help Metal Pay deliver a range of financial products related to traditional banking services.
In 2018, Hayner also developed a proof of payment to distribute MTL tokens on the platform. The evidence arrives at the consensus and confirms the transactions on Metal Pay.
However, instead of the mining award, counterparties receive 5 percent of the transaction volume in MTL, which is interpreted as reimbursement for consumers, Hay says Hayner. These awards, called pop, can be converted to fiat, sent to another Metal Pay user or held as an investment.
Metal Pay is gaining market validation in a crowded payment application area like Venmo and Cash App. Hayner is aware of the difficulty of attracting users who are not in the cryptocurrency field and is working to develop an industry-first application.