Metallicus run peer-to-peer platform Metal Pay has performed well this week and has witnessed the price of its MTL token rally on crypto exchanges. This comes after Metal Pay received an undisclosed investment from Erik Finman, the youngest Bitcoin millionaire.
Metal Pays CEO, Marshall Hayner, has partnered with Erik Finman to build an all in one digital banking platform. The crypto platform will have 17 digital tokens, a crypto bank and payments applications that have social features similar to PayPal or Venmo. Metal Pay has already processed close to $11 million in payments from 130,000 users in 38 states.
Finman is said to have invested a considerable amount of Bitcoin to finance the startup’s development of a banking and exchange system. The system is said to be holding close to $2 million in fiat and cryptocurrency. Finman has implied that he will be willing to invest his over 400 Bitcoin fortune in Metal Pay.
He added that they were looking to surpass Bitcoin. He says that the Bitcoin community is fragmented with its limited usability. Therefore the project with Metal Pay will attempt to move beyond the fragmented developments in the industry and become an important financial tool.
Before the establishment of Metal Pay in 2016, its CEO Hayner had helped in the building of Dogecoin and Stellar. The company received around $3 million in a funding round from Gateway, G2 ventures and the CEO of Shapeshift, Erik Voorhees. The company is actively working with regulators, and it is also in partnership with Evolve Bank and Trust to offer FDIC-insured deposit accounts and other financial services.
Metal Pay’s unique approach is a Proof of Processed Payments that enables distribution of MTL tokens native to the platform to Metal Pay users. The proof helps in reaching consensus and validating of transactions on Metal Pay.
Hayner says that users can receive up to 5% rewards of the transaction volume in MTL that is taken as a cashback. The cashback rewards can be converted into fiat currency and then sent to another user or be held as an investment. Equally, users are likely to benefit from other rewards, especially those with more than 10,000 MTL tokens on an average spot price between Kraken, Binance, and Bittrex are not charged any fee. Hayner has also implied that the company will also provide free trading on specific MTL pairs and fee-less options for clients as a result of the introduction of Metal Merchant.