What is Metal Pay ? A Quick Overview

Written by Sushanth Kumar Reddy Kura | Published 2 years ago | 3 min read

   


Metal is the first all in one digital banking platform for cryptocurrency that allows users to manage both crypto as well as FIAT funds.

This feature of the Metal Pay platform allows blockchain to directly interact with the bank and Visa/Mastercard. With an extremely easy to use user interface, Metal is trying to make managing crypto as simple as managing FIAT funds. 

Metal consists of two products, Metal Pay and Metal X. Metal Pay is the only banking platform in the world that integrates crypto directly. Metal X is the cryptocurrency exchange platform on the Metal that runs on the Proton blockchain. Proton network being completely permissionless and public blockchain offers low transaction fees.


Metal Pay 3.0

It is the upcoming version of the Metal and it has the following objectives


Objective “Red Falcon”

It includes the following key components

  • A new username model where every Metal Pay user will have a unique @name, which is stored on the Proton blockchain. This feature will enable users to make transactions easily without being worried about long addresses.

  • Metal Pay wallet will be able to respond to Proton chain payment push requests

  • Users can wrap tokens from the exchange tab 


Objective “Snow Owl”

It includes the following key components

  • Development of USDX, a native Proton blockchain stable coin.

  • Ability to hold multiple currencies in the Cash tab

  • Ability to post payment pending transactions to the Proton chain


Metal’s native token $MTL

Metal Pay token

$MTL is the native currency of the Metal platform. It is an ERC-20 Token that uses Metal Pay’s unique proof-of-Processed Payments (POPP) to identify and reward users.

Users are rewarded with $MTL tokens for using the Metal Pay application. $MTL can be directly converted into any other cryptocurrency using the Metal application. 


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