Erik Finman, otherwise known as Bitcoin’s youngest millionaire, made his millions as a teenager, back in “the days when you could still mine Bitcoin on a MacBook.” Fast-forward to today. The now 20-year-old Finman is prepared to stake it all on a crypto payments project that’s aiming to take over the world.
Finman is reported to have invested an undisclosed amount in the company behind Metal Pay. The peer-to-peer payments platform looks to offer more functionality and usability. This is compared with the current structure of Bitcoin.
The shrewd young investor noted the scale of the ambition at parent firm Metallicus. Finman said he would be willing to stake his entire “400 something” Bitcoin fortune on helping the firm grow. He would like to reach a mass global audience.
“We’re looking to beat Bitcoin,” Finman told Coindesk. “I’ve been a bit back and forth in the past (‘crypto is dead’/ ‘resurrect Bitcoin’) but have found in recent months, especially, that the bitcoin community is super fragmented. And, the actual usability for bitcoin is minimal.”
Working alongside Metallicus CEO Marshall Hayner, the plan is to build the Metal Pay platform into an “all-in-one” crypto banking solution. This would encompass exchange, payments, banking, and even social features.
The competition for crypto payment apps is already heating up. However, Hayner agreed that bitcoin in its current state was “flawed.” He noted that innovation was necessary to help crypto payments reach a global critical mass.
“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!”
Since the platform was launched in September, Metal Pay has processed $11 million in transactions. 130,000 of the user base is in the US across 38 states. According to Hayner, some 30,000 monthly users engage with the platform, sending $1 million a month in crypto or fiat.
Recognizing the challenge of attracting non-crypto users, Finman and Hayner are still developing the app. They hope it will win favor both amongst the crypto industry and also, with users directly.
With their track record and profile, and also now, the substantial backing of Finman and other investors, Metal Pay looks like a payment app to watch.