Marshall Hayner, the CEO of Metal Pay, said:
“It’s a Blockchain that’s integrated into your bank. It’s a universal network for payments.”
According to Hayner, as long as payment platforms integrate the Proton blockchain, customers can send payments across non-native platforms.
It has been reported that currently, payment platforms, aside from Metal Pay, often run as siloed entities by facing difficulties when users want to interact across services. For example, if one person wants to send money to a friend on PayPal, both parties would need to hold PayPal accounts and operate within the walls of that one platform.
However, Hayner explained:
“The craziest part is that it doesn’t require any one platform. What Proton is, is a highly scalable blockchain smart contracting platform, but what’s really different and unique about it is this concept of fiat funding sources and linked identity.”
Erik Finman, the Bitcoin millionaire who has been working with Metal Pay, explained that users of platforms that integrate with Proton’s blockchain can make a wallet showing a verified name in place of current crypto wallet addresses that tout lengthy strings of numbers and letters.
#Payments Metal Pay's New Blockchain Allows Bank and Payment Platform Integration https://t.co/Zpr42jrTWD | https://t.co/9AaTTqXITl pic.twitter.com/F6PTILJVS4 — eStream Studios (@eStream_Studios) May 12, 2020
Also, Finman said that Bitcoin (BTC) involves a “really complicated address that nobody can remember, and that’s great for what it’s good for,” although Metal Pay offers the simplicity of a username instead.
It has been analyzed that Metal Pay allows for a number of payment avenues meshed into one location, instead of the siloed, incompatible experience other payment solutions face.
“This allows you to link multiple funding sources from the blockchain itself.”
He added by comparing the experience to a decentralized Facebook login:
“But instead of it linking your social media profile information in a centralized way, this kind of links your funding sources in a decentralized way, so it’s just a very easy back end.”
Moreover, Proton also has its own Proton (XPR) asset, with which customers can pay for wallet address creations, among other uses.
Thus, Metal Pay also plans on releasing wrapped assets on the Proton blockchain, such as wrapped Bitcoin and wrapped Ethereum by merging crypto transactions directly into the equation.