Name: Metal [MTL] - Earn Rewards with Mobile Purchases
Price Info - https://coinmarketcap.com/currencies/metal
Metal is a user-friendly digital wallet that rewards its users every time they transfer or send money. It is securely encrypted, integrates with your bank account, and allows fast transactions.
The CEO, Oscar Munoz, has 14 years of experience working for VISA and American Express. Other members like Sid Parihar and Brock Nordstrom have worked for Apple. The advising team has impressive names like Bram Cohen (BitTorrent), Vinny Lingham (Civic), and Juan Llanos (ConsenSys).
Metal was recently and unexpectedly delisted from the Bittrex exchange.
In a recent blog post, the CEO of Metal states that they are in talks to relist their token on Bittrex after Metal Pay has been released.
Metal is another one of those companies whose mission statement is to “help bring cryptocurrencies to the masses.” We’ve seen plenty of coins and tokens tout this phrase and throw it around loosely.
They plan to do this by releasing a payment processor - kind of like PayPal or Venmo. However, unlike these two traditional avenues, Metal- Pay will allow users to exchange cryptocurrency (only MTL to start) and it will gamify the act of exchanging value!
In addition, users will be able to link their bank accounts to their Metal-Pay app and will be able to send and receive traditional fiat currencies as well.
Another good feature of Metal will be the discounts and rewards it offers its users. Firstly, if you send / receive MTL as a payment to someone else on the network, you will receive 5% of the proceeds as a reward. For example, if you send $100 worth of MTL to a store’s wallet in a transaction, you will receive $5 worth of MTL back and the store will receive $5 worth of MTL as well as a reward.
Also, merchants will be offered additional rewards and bonuses for offering discounts to customers who pay in MTL, further incentivizing them to take MTL as a payment.
There will only be 66,588,888 MTL ever released (~3.17x as many as Bitcoin). More than half of the MTL has already been distributed through the ICO and to the founders and advisors of the company, but 26,341,112 MTL will be released through PoPP.
PoPP stands for Proof of Processed Payment and it will be the driver of the initial adoption of the platform. Basically, it’s the KYC (Know Your Customer) process behind which Metal will identify the sender and receiver of MTL as real people conducting a non-fraudulent transaction. Once they’ve been identified as such, they will be rewarded with their 5% MTLbonus.
One of the things that’s most bothersome about being an online vendor is having to pay transaction fees. MTL will be usable by merchants to pay for their transactions fees (like how KNC will be used to pay for fees on the Kyber Exchange) when they accept money through Metal-Pay.
Additionally, MTL will allow the user to receive a discount on “premium features on the platform.” I do not personally know what they mean by this, but it’s just icing on the cake if MTL can be used for transaction fees. As user adoption increases, and after all of the MTL has been distributed, the scarcity of MTL will increase.
After Metal-Pay is released (sometime Q1 2018), Metal Bank accounts with prepaid debit cards will roll out in the Spring of 2018. As long as their bank accounts are FDIC insured.
You can buy MTL in the following exchanges with Bitcoin. It is usually delimited in the MTL /BTC pairs, MTL/ETH.
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