Metal Pay’s New Blockchain Enables Bank and Payment Platform Integration
Proton, a new delegated proof-of-stake blockchain from crypto payment solution Metal Pay, provides digital assets and fund transfers over various channels.
“It’s a Blockchain that’s integrated into your bank,” Metal Pay CEO Marshall Hayner said in a statement. “It’s a universal network for payments.” As long as payment platforms combine the Proton blockchain, consumers can transfer payments over non-native platforms, according to Hayner.
Proton allows compatibility across platforms.
At present, apart from Metal Pay, payment platforms usually run as siloed entities, encountering problems when users need to combine over services. If, for instance, one person needs to transfer money to a friend on PayPal, both parties would require holding PayPal accounts and operating in the walls of that one platform.
“The craziest part is that it doesn’t require anyone platform,” Hayner said of Metal Pay and its Proton blockchain. Hayner explained further:
“What Proton is, is a highly scalable blockchain smart contracting platform, but what’s different and unique about it is this concept of fiat funding sources and linked identity.”
Metal Pay touts names instead of wallet address characters.
Users of platforms that combine with Proton’s blockchain can make a wallet conferring a verified name in place of current crypto wallet addresses that tout lengthy strings of numbers and letters, explained Bitcoin millionaire Erik Finman in a statement, who has been working with Metal Pay.
Finman stated Bitcoin (BTC) includes a “really complicated address that nobody can remember, and that’s great for what it’s good for.” However, Metal Pay allows the simplicity of a username instead.
Metal Pay provides for several payment avenues fitted 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,” Finman stated of the Proton blockchain — the glue that brings all the separate payment systems together.
Proton also has its Proton (XPR) asset, with which consumers can pay for wallet address creations, among other uses. Metal Pay also intends to release wrapped assets on the Proton blockchain, like wrapped Bitcoin and wrapped Ethereum, combining crypto transactions directly into the equation.
Wrapped coins have picked up steam across the past two years, making Bitcoin compatible with other platforms and applications. The market witnessed Ethereum-wrapped Bitcoin (WBTC) launch in 2019, giving users a way to trade BTC on decentralized exchanges.