The finance app Metal Pay, founded by Marshall Hayner and Erik Finman, is launching an investment fund for helping out Blockchain startups.
CEO of Metal Pay Marshall Hayner and youngest Bitcoin millionaire Erik Finman launch an investment fund for startups.
The app is Blockchain-based and people can transfer money and payments just by using a phone number or any contact of choice. Whenever someone receives some money or pays, the user can earn bonuses based on the native Crypto Metal. The Crypto can also be sent to friends or directly cash out to the bank.
The dubbed Metal VC is focusing on micro investments within startups that focus in finance and banking with a decentralized manner. The fund is going to expand worldwide with allowing the startup to have an alignment with additional partners.
There is already a closed deal in September with a Binance backed-up startup company Yellow Card, a provider for cash-to-crypto on-ramp for new markets.
More about the Metal VC
Erik Finman shared with CoinDesk that there is possibility of closing another deal with a startup. The company is an app, created by a YouTuber and its aim is to compete with the video platform, including internal currencies with an option for converting to Crypto.
Marshall Hayner commented:
“With Metal VC, our vision is simple, if we see something we like and believe in, we will invest and send MTL Coin right then and there. We view each investment as a partner to Metal.”
Metal is willing to provide resources and specialists like developers, whatever a startup may need for their success, although the time of advising may vary.
So, the Metal fund has plans of investing seed funding for somewhere between 25 and 100 startups within their ongoing stages of development. The sum that is estimated for the end goal goes from $25,000 to $250,000 and the money is entirely funded by Finman and Hayner.
The two businessmen stateд they are looking into metrics of the companies such as good Discord channel. The fund is more or less considered as a fund for the misfits. To that statement, Finman says:
“The more of a misfit, the better job you can have in pitching me.”
Hayner said they are actively looking into building an app for non-Crypto users but still they have to pass the industry officials 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!”