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‘Youngest Bitcoin Millionaire’ Willing to Stake it All on Metal Pay

‘Youngest Bitcoin Millionaire’ Willing to Stake it All on Metal Pay
https://preview.redd.it/f2hdpngkljh31.png?width=2000&format=png&auto=webp&s=5cc57b932f5e950203aec3cabcd9e686a6f9c585
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 conventional

The 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.
He said:
“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!”
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BitMax.io(BTMX.io)News Digest 2019 08 19

Major Headlines (Coindesk) Early Investors in Telegram Crypto See 400% Returns — But Buyers Risk It All Bitcoin’s Price is Up More Than $1K Since Bakkt Futures News This ICO Startup Didn’t Die During Crypto Winter. It Has DAI to Thank World Bank Sells $33.8 Million More of Its Private Ethereum Blockchai Bonds ‘Youngest Bitcoin Millionaire’ Willing to Stake it All on Metal Pay BitMEX Exchanges to Block Users in Hong Kong, Bermuda and Seychelles Crypto Exchange Binance Announces New Stablecoin Initiative
Takeaway Early Investors in Telegram Crypto See 400% Returns — But Buyers Risk It All • Telegram’s long-awaited blockchain, Telegram Open Network, is said to be scheduled to launch Oct. 31, but the yet-to-be-issued gram tokens are already trading in an unauthorized secondary market. • Telegram has yet to publicly or formally acknowledge the project, but investors in last year’s $1.7 billion token offering, widely publicized in the press, are selling their gram allocations via OTC desks, exchanges and special-purpose vehicles. • Purchasing tokens this way might be risky, investors warn, as Telegram specifically prohibited investors from re-selling their allocations under penalty of terminating the purchase contract. • Secondary buyers may end up with nothing.
Bitcoin’s Price is Up More Than $1K Since Bakkt Futures News • Bitcoin has risen by $1,000 since Friday’s announcement by Bakkt exchange that it will be launching physically-settled bitcoin futures on Sept. 23. The price rise has neutralized the bearish setup on the intraday charts seen last week. • The gains could be extended further to $11,000, as the hourly chart is reporting a bullish continuation pattern. • The weekly chart continues to call a deeper pullback to $9,000 with key moving averages (MAs) producing a first bearish crossover since February. • A weekly close above $12,000 is needed for a complete bullish revival.
This ICO Startup Didn’t Die During Crypto Winter. It Has DAI to Thank • Monolith turned a $16.9 million ICO into $25 million-worth of assets by riding the bull market of 2017 then taking out DAI loans. • This DAI strategy is increasingly common among ethereum-centric startups. • MakerDAO and Monolith are now collaborating to connect DeFi loans to a European Visa debit card. • Ether fans can spend crypto with a Visa debit card because Monolith liquidates designated funds on the back-end, providing the merchant with fiat.
World Bank Sells $33.8 Million More of Its Private Ethereum Blockchain Bonds • The World Bank raised another $50 million AUD ($33.8 million U.S.) by selling the “blockchain-operated debt instrument” (bond-i) • World Bank’s head of funding: “We are happy to see the continued, strong support and collaboration from investors and partners.The World Bank’s innovation and experience in the capital markets is key to working with our member countries to increase digitization to boost productivity in their economies and accelerate progress towards the Sustainable Development Goals.”.
‘Youngest Bitcoin Millionaire’ Willing to Stake it All on Metal Pay • Metallicus, the startup behind the peer-to-peer payments platform Metal Pay, received an undisclosed angel investment from the youngest bitcoin millionaire, Erik Finman. • Metal Pay has processed approximately $11 million in total payments from nearly 130,000 registered users across 38 states. • 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.
BitMEX Exchanges to Block Users in Hong Kong, Bermuda and Seychelles • BitMEX has added three Bermuda, Hong Kong, and the Seychelles to its list of total trade access restrictions • “The increased involvement of regulators with all the major players in the industry is not only to be expected, it is to be welcomed. It is the mission of good regulators to ensure that honest citizens are not being cheated . . . For this reason, we have decided to restrict access to BitMEX for users in the jurisdictions in which HDR-affiliated employees and offices are located.”
Crypto Exchange Binance Announces New Stablecoin Initiative • Binance has announced that it’s launching a project that will develop cryptocurrencies and digital assets pegged to fiat currencies around the world. • Binance said it’s seeking to create new partnerships with governments, enterprises and cryptocurrency and blockchain firms to assist the effort. • Binance co-founder Yi He :“We believe that in the near and long term, stablecoins will progressively replace traditional fiat currencies in countries around the world, and bring a new and balanced standard of the digital economy. We hope to achieve a vision, that is, to reshape the world financial system, allow countries to have more tangible financial services and infrastructures, protect their financial security and increase the economic efficiency of countries.”
(All citations of the News Digest are taken from Coindesk.)
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