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Metallicus, the startup behind the peer-to-peer payments platform Metal Pay, received an undisclosed angel investment from the youngest bitcoin millionaire, Erik Finman.
In partnership with Metal Pay CEO Marshall Hayner, the two look to develop the first “all-in-one” cryptocurrency banking platform, which includes a 17 digital asset exchange, a digital bank and a payments application with social features similar to Venmo.
Founded in September, Metal Pay has processed approximately $11 million in total payments from nearly 130,000 registered users across 38 states. On a monthly basis, the company processes $1 million in crypto or fiat for around 30,000 active users, according to Hayner.
Finman staked a modest amount of bitcoin to finance the development of the banking and exchange ecosystem, he said, which currently holds approximately $2 million in crypto and fiat on the platform. Though Finman is willing to put in his entire “400 something” bitcoin fortune to fund Metal Pay’s growth, the 20 year old told CoinDesk.
“We’re looking to beat bitcoin,” Finman said.
“I’ve been a bit back and forth in the past (‘crypto is dead’/ ‘resurrect Bitcoin’) but have found in recent months, especially, that the bitcoin community is super fragmented. And the actual usability for bitcoin is minimal,” Finman said.
This project is an attempt to move beyond the siloed developments within the crypto industry and become a usable financial tool, he said.
Hayner agrees, and said crypto has grown to mirror “the existing financial industry,” rather than the open-source community where he found his footing in “the days when you could still mine BTC on a MacBook.”
Before Metal’s founding in 2016, Hayner helped build Stellar, Dogecoin and Block.io. The company previously received $3 million in funding from G2 Ventures, Gateway and Shapeshift CEO Erik Voorhees.
Crypto meets conventionalThe two took a “crypto-agnostic” approach when building the system and have worked actively with regulators.
Metal Pay is partnered with Arkansas-based Evolve Bank and Trust to provide FDIC insured deposit accounts. As the platform develops, Evolve will help Metal Pay introduce a number of financial products associated with conventional banking services.
In 2018, Hayner also developed a proof of processed payment as a means of distributing MTL tokens native to the platform. The proof reaches consensus and validates transactions conducted on Metal Pay.
Instead of a mining reward, however, the counterparties receive up to 5 percent of the transaction volume in MTL, which, “for consumers, is construed as cash back,” said Hayner. These rewards, called Pop can be converted into fiat, sent to another Metal Pay user, or held as an investment.
MTL holders are rewarded in additional ways. For instance, those that “hold over 10,000 MTL on an average spot price between Binance, Kraken and Bittrex,” will not be charged fees. Further, Hayner said the company intends to offer free trading on MTL specific pairs and fee-less options for merchants following the introduction of Metal Merchant.
Metal Pay looks to gain market validation in a crowded field of payment apps like Venmo and Cash App. Hayner recognizes the difficulty in attracting non-crypto users, and is working to build an application that passes industry muster first.
“Bitcoin is flawed, but only in the way the Ford Model T was flawed, the concept of a car will live on and constantly be improved upon, hopefully it builds upon the existing model and there is always room for Ford, Toyota, Mazda, BMW, Tesla even!”
Erik Finman: Bitcoin and Litecoin Dying, Ether, BCH, and Zcash Show Promise. Erik Finman hit headlines this January for his remarkable story. Starting in 2011, the then 12-year-old was buying cryptocurrency with some money his grandmother had given to him. According to a report in Market Watch, by catching on to the technological innovation early, the teenager was able to turn just $1,000 into ... Source: iStock/deepblue4you. Erik Finman, le crypto-millionnaire âgé de 20 ans et l'un des tous premiers et des plus jeunes investisseurs dans Bitcoin, lance une nouvelle application d'investissement Bitcoin appelée CoinBits.Cet ... Bitcoin (BTC) aslında oldukça riskli ve tehlikeli bir yatırım olarak bilinse de, doğru zaman ile doğru miktar bazen inanılmaz sonuçlar ortaya çıkarabilmekte. Bunun en bariz örneğini dünyanın en genç Bitcoin milyoneri Erik Finman‘ı inceleyerek görmek mümkün.Finman çocuk yaşta olmasına rağmen Bitcoin’i erken keşfedip ne zaman ne kadar yatırım yapması gerektiğini ... Erik Finman. Although he is not the richest cryptocurrency holder, Finman is well-known for his small age, as he is only 19 years old. With this in mind, he began investing in bitcoin in 2011, after he received a $1,000 gift from his grandmother, back when he was 12 years old. Finman believes that investing in digital currencies represents one ... When the 12-year-old Erik Finman bought $1,000 worth of Bitcoin(BTC)trade in the summer of 2011, he was confident that he could turn this $1,000 into a million. By 2017, his vision proved to be true as he became a millionaire. After becoming the youngest Bitcoin millionaire, Finman explored different avenues after declaring that Bitcoin is dead, including launching a satellite filled with ... Erik Finman has no special insight into Bitcoin and the crypto-industry. He got lucky by discovering it and buying in early. He is now spending some of his early gains in an attempt to stay relevant. He is not. The opinions expressed in this piece are exclusively those of the author and are not the views of the publication, nor any of its ... 18 Yaşında bir Bitcoin milyoneri olan Erik Finman, Bitcoin ekosisteminin 2011 yılından bu yana çok değiştiğini dile getirdi.Finman Cointelegraph’a verdiği bir röportajda Bitcoin ekosisteminin “eskiden olduğu kadar iyi olmadığını” ifade etti.. İlk Günler… Finman Bitcoin’in ilk günleri ile ilgili yaptığı açıklamalarda şu ifadeleri kullandı: Meet Erik Finman, 18-Year-Old Bitcoin Millionaire Jun 21 2017 · 13:01 UTC Updated Aug 1 2017 · 08:02 by Tatsiana Yablonskaya · 4 min read Photo: Erik Finman/Twitter Erik Finman, nicknamed the Wunderkind, has just launched a new application that he claims will change the way people invest in cryptocurrency, according to an interview with Cheddar. Finman made his fame and fortune as a teenager, when he was one of the earliest investors into Bitcoin. Before he turned 18, he was already a Bitcoin millionaire ... Erik Finman verfügt innerhalb der Kryptobranche trotz seiner erst 20 Jahre bereits über eine gute Reputation. Im Jahr 2011, als Bitcoin noch ein Geheimtipp war, zählte er zu den frühen Investoren. Diese Entscheidung sollte sich für ihn sechs Jahre später bezahlt machen, denn während des Bitcoin-Booms von 2017 stieg er zum Millionär auf ...
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