Much hype has surrounded crypto debit card projects TenX and Monaco over the past few months, including massive pumps due to Visa partnership rumors. All the while a competing project, which goes by the name MetalPay, has managed to creep along under the radar despite its own ambitious vision within the space.
Why Use MetalPay?
Whereas its competitors’ main product offering is simply a prepaid debit card, MetalPay goes much further by providing its users and merchants with a fully featured crypto and fiat banking platform (checking, routing number, wiring, etc.) that is FDIC insured and currently able to store BTC, LTC, ETH, and ERC20 tokens. The wallet is light (no blockchain sync required) and each user owns his/her private keys so no fractional reserve banking takes place using your hard-earned money. The network offers multi-signature security on all currencies and most impressive of all; the developers claim to have solved the Two-Factor Authentication takeover attack that has plagued a number of crypto investors.
MTL Rewards
A key feature of MetalPay, which is sure to help generate massive adoption of the platform, is its patented Proof-of-Processed-Payments consensus protocol (PoPP). PoPP is essentially a currency distribution algorithm that will compensate each user who completes a transaction within MetalPay by initiating a 5% cashback reward in the form of MTL (based on fiat value). Normal user accounts will be allowed to earn up to $1,000 per month in MTL rewards while merchant accounts will have their own limit of $5,000 in MTL per month. Over time the team believes the rewards structure will attract a strong user base, eventually increasing the demand/price of MTL and allowing them to employ their PoPP growth hack for a longer time period than originally planned.
MetalPay Roadmap
MetalPay is currently in a closed Alpha stage, but plans to release a working version of its platform by the end of the year. If you wish to learn more about this project and stay up to date on all things Metal, check out their community driven website.
MTL Team
