PRESS RELEASE: Silicon Valley Company Announces Plans to Distribute Over $18 million USD of Cryptocurrency To Users Of Their Payments AppOctober 11, 2018 0 By Ray
Venmo-like payments app allows U.S. consumers to pay each other whilst potentially earning cryptocurrency for each transaction
San Francisco, CA – October 10, 2018 – Metallicus, Inc. (Metal), the payments company spearheading consumer-grade applications for cryptocurrency, announced plans to distribute 40% of the entire supply of its native token Metal (MTL) (which amounts to $18 million USD at current prices), to users of its flagship product — Metal Pay. Metal Pay is a peer to peer payment application, designed as one application of a contemplated full-service suite of products on the Metal platform for fiat and cryptocurrency in the future. Both Metal Pay and its sister application, Crumbs, a platform that allows consumers to round up credit and debit card purchases to invest in a cryptocurrency portfolio, are currently available to download and use on iOS devices in the United States.
Nearly a decade after the release of Bitcoin, cryptocurrencies have yet to achieve widespread adoption. Foremost of the barriers to average consumer use is the lack of ability to earn cryptocurrency; with rewards traditionally distributed to miners through Proof-of-Work (PoW), most of the consumer population is left out of the equation to earn cryptocurrency, forcing them to purchase instead. However, volatility in price coupled with and a general lack of public understanding around cryptocurrencies has left most consumers without an incentive to purchase. With Metal Pay, both senders and recipients are eligible to earn up to 5% of the total fiat transaction back in the network’s native token, MTL — a partial share in up to $5,000 USD across the network each day. Through Metal’s Proof of Processed Payments (PoPP) mechanism, users are incentivized to earn, use, store, transfer, and invest in cryptocurrencies at no additional cost. Metal Pay maintains all of the traditional features of existing payments applications like Venmo, PayPal, and Square Cash, but with the significant addition of maintaining FDIC insurance for USD within the app.
Marshall Hayner, Metal Pay Founder and CEO said: “The reward structure of Metal Pay is something we are extremely proud of. Given this incredibly nascent technology, it’s important to couple our seamless user experience with incentives to onboard users who may only be familiar with online banking, cash handover, or payments apps that offer nothing in return. Some of today’s biggest companies, like PayPal and Groupon and eBates, famously gave new users some form of value to onboard, and it’s exciting that we can allocate over 26 million MTL for user rewards.”
When creating MTL, which is an ERC20 token on the Ethereum blockchain, roughly 26.3 million of the entire 66.6 million MTL minted were set aside for distribution to Metal Pay users via PoPP as ‘Pop’ rewards. A maximum of 7,200 MTL will be issued daily to Metal Pay users through Pop rewards over the next 10 years, until the 26.3 million MTL rewards pool is exhausted. One MTL is currently valued at approximately $0.70 USD.
“Metal Pay has the ability to finally bridge the gap between consumers and vendors and the cryptocurrency industry. It is our goal to integrate Metal Pay with web3 applications and traditional e-commerce channels so that users can seamlessly transact with cryptocurrencies anywhere and at any time,” said co-founder and CTO Glenn Marien.
Metal Pay’s sister application Crumbs provides yet another gateway for introducing the mass populace to cryptocurrency. Its micro-investing functionality allows for effortless and automated purchases of MTL, Bitcoin, and increasingly popular cryptocurrencies like Ethereum, Dash, Litecoin, Ripple and Basic Attention Token. Users of Crumbs can instantly sell cryptocurrency for dollars or cash out directly to a linked bank account. Metal Pay will soon be integrated with Crumbs, providing users of both apps the ability to transfer MTL from one app to the other.
“At Metal, we want to introduce the general public to the power of blockchain through the digital payments ecosystem. Our team set out to make earning and using cryptocurrency simple, incentivize a wider audience to adopt digital currencies, and educate the general public on the broad benefits of blockchain-based technology to merchants and consumers alike,” concluded Hayner.
About Metal Pay
Metal Pay allows people to instantly send money to friends, family, and businesses with just a phone number while simultaneously earning cryptocurrency for each eligible transaction — a next-generation Venmo or Paypal. These rewards, called “Pop,” are delivered in Metal’s cryptocurrency MTL and can be immediately converted into dollars, sent to another Metal Pay user, or held for future use. Metal Pay, currently available for download in the Apple App Storein 34 states, will soon be compatible with its sister product, a micro-investing app called Crumbs. Crumbs allows users to turn their spare change into micro investments, similar to the popular app Acorns, but with cryptocurrency. With Crumbs, users can also purchase over a dozen cryptocurrencies instantly with their cash balance.