Miami, Florida Feb 16, 2022 (Issuewire.com) - METL is introducing the first decentralized fiat gateway infrastructure of its kind bridging Web 2 to Web3 in collaboration with Prime Trust. METL’s roots date back to 2018 when the first MVP was built, using a POA side chain to demonstrate to the US banks, how quickly you can settle an ACH transaction with a token on the blockchain.
The METL Token USDR (USD Receipt) will be the first decentralized native token on Avalanche due to its EVM compatibility, cost-effective transactions, and innovative consensus algorithm.
We recognised the growing need in the ACH industry for more advanced technology to settle transactions and move into the digital world more efficiently. We have developed a solution that marries the ACH world to Web3, where an ERC20 token is configured to be used as a utility and with a short life span before it enters the DEFI world.
Our solution is backed by Prime Trust, an all-in-one financial infrastructure provider powering the world’s leading crypto and fintech innovators. With the METL solution users are the issuers of tokens, sending ACH to Cross River Bank through Prime Trust’s API integration. Based on METL proprietary API, METL then mints a stable token receipt on the Avalanche blockchain and sends it to any web3 wallet such as Metamask.
METL has received 10 Money Transmitter exemptions and can start operating immediately in the following states: Arkansas, California, Colorado, Kansas, Missouri, Montana, New Hampshire, Pennsylvania, Utah, Wisconsin with more in the pipeline.
"METL is doing something truly unique with its patented Infrastructure for FIAT gateway in the US, creating the first Bank to Web3 decentralized access,” said Daniel Berman, Director, Institutional Sales, Prime Trust. "As the leading backend infrastructure provider for FinTech, Prime Trust empowers innovators such as METL via a comprehensive API-driven ecosystem."
To access our platform, users need a USDR (USD Receipt) token which is stable and pegged 1:1 by deposits in our bank account to be fully collateralized. The METL team is currently building a node operator network to decentralize the management of the USDR (USD Receipt) token to incentivise the node operators.
METL will start opening a whitelist for the beta in March 2022. You can join our waitlist here.
About METL
METL is a patented infrastructure for FIAT gateway, ACH settlement in ERC20 token to connect US bank to Web3. We are onboarding the next generation of users from the world of traditional finance into the wonderland of digital currency. In 2018, METL was created with the single goal to bridge the gap between FIAT currency and its limitations while also bringing in and educating the next generation of users to the decentralized financial systems.
Your USD funds from your bank can enter the metaverse easily with METL, so you can be a part of the more efficient, zero boundary financial system of DeFi. To make sure your funds are secure, every user must go through a KYC process required by US regulatory authorities. We welcome all US bank account holders ready to make smart money moves!
About Prime Trust
Prime Trust is the one-stop-shop for financial infrastructure for fintech and digital asset innovators. Our API platform and plug-and-play widgets allow companies to build seamlessly, launch quickly, and scale securely. Prime Trust powers mission-critical infrastructure for many of the world's leading crypto exchanges, lending platforms, digital wallets, payment platforms, ATS's, RIAs, wealth management platforms, broker-dealers, and crowdfunding platforms.
Prime Trust’s team has extensive regulatory and financial services backgrounds from the OCC, SEC, Federal Reserve, US Department of Justice, US Treasury/Secret Service, JPMorgan Chase, Green Dot, American Express, PNC, Bank of America, and Visa. For more information, visit www.primetrust.com.
About Avalanche
Avalanche is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality. Avalanche is blazingly fast, low cost, and eco-friendly. Any smart contract-enabled application can outperform its competition by deploying on Avalanche. Don’t believe it? Try an app on Avalanche today. https://www.avax.network/
Contact:
METL Twitter @annavladi
Media Contact
Fintech Advisory Services vc@fintech-advisory.com
