“We’re the anti-Libra,” says Metal Pay crypto entrepreneur Erik Finman.
Facebook has been scrambling to get off the ground a global cryptocurrency payment network, Libra, but challengers are already emerging.
Metal Pay isn’t new, it was launched last year, but Finman and Hayner envision that platform as a sort of Venmo of cryptocurrency, similar to the concept of Facebook’s FB, -1.27% Libra coin, which was kicked off in June as a secure blockchain payment system backed by hard assets and designed for average users.
Another significant difference between Metal Pay and Libra? Metal Pay is up and running, a point that Finman says is a function of Hayner’s patience in waiting for licenses to operate in more than three dozen U.S. states. Finman said “we have talked with regulators before our big launch and have acquired all legal requirements.”
Treasury Secretary Steven Mnuchin last month said he harbored “very serious concerns” that Libra would be used for illicit purposes. Facebook subsidiary Calibra would run a digital wallet, while the non-profit Libra Association would oversee the broader network. Separately, CNET reported on Sunday that Israeli based ZenGo has launched a platform that would see it compete against Calibra, allowing users to store a test version of Libra funds before their slated launch date next year.
Finman, a 20-year-old crypto enthusiast, who says that he became a millionaire investing in bitcoin from his teens, back in May launched CoinBits, a web-based platform, that will automatically round up credit/debit-card purchases to the nearest dollar and invest the difference in bitcoin on the user’s behalf.
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