Metal Pay app pioneers are looking to fund new investments. Mr. Marshall Hayner and Erik Finman, who called the $1 million worth investment fund Metal VC, aim for the fund to put more emphasis on angel and micro-investments. It will assist mostly the companies that are touching on decentralized finance and banking during their early stages.
Metal CEO Hayner said that this fund would assist the startups in bringing partners together as it also aims at growing them to a global level. A subsidiary belonging to Metal ended its first deal just last month, but they did not disclose the stake. The transaction was supported by Yellow Card, which is a Binance-backed startup. It offers on-ramp cash-to-crypto for the emerging markets.
Finman told CoinDesk that he was almost closing on another startup just a week after the first deal was sealed. However, this time around, it was an application that was created to compete against YouTube. A YouTuber developed the app, and it houses an in-app currency that can be easily converted to cryptocurrency.
Hayner was recorded saying that with this investment fund, things are now a bit easy for them and promising for startup companies. He said that if they assess a startup and get interested in it, then that's it. They decide to invest in it and send the MTL coin that very moment. They see every investment as a partner to their firm Metal.
The company is willing to assist startups in any way possible, including the provision of admins and developers, even though the time and resources may differ for different startups. The fund is aimed at lifting at least 25 startups and at most 100 companies at distinct points in their growth. Metal VC is expected to use up a minimum of $25,000 in each project and a possible maximum of $250,000. The Metal VC fund is said to be funded by the two leaders only and does not receive any money from outside.