For a project that has not even gotten off the ground yet, Facebook’s Libra has a lot of would-be murder’s sitting in wait.
The latest so-called ‘Libra-killer’ has been launched as a full version, announced by Erik Finman, the youngster who saw what Bitcoin grow into before he had even grown-up. Finman, together with former QuickCoin co-founder, Marshall Hayner is now ready to take the next step with their P2P payment app, Metal Pay.
Metal Pay functions as a payment app, and now supports several cryptocurrency tokens, such as Bitcoin and Ethereum. Its first foray into cryptocurrency payments saw it only feature its native token, MTL.
The claim is that Metal Pay will operate as an all-in-one payments app, with cryptocurrency a big part of it. The claims go on to state that this app will change the way people send and receive money.
More so, the most prominent claim is that Metal Pay will take down Libra, according to Fineman’s tweet, and that MTL will also one day beat Bitcoin. Metal Pay will have a lot of work to do if it is to take down the proposed Facebook cryptocurrency, not only because it does not exist yet, but because its potential client base sits in the billions.
Additionally, Libra is not even Metal Pay’s only competition as it has become apparent that there is a significant interest in offering cryptocurrency transactions in payment apps. Circle, Revolut, Square, Skrill; these are a few of the front running fintech companies that have already started offering cryptocurrency payments in their apps to round out the ecosystem.
Still, Finman and Hayner do have a bit of crypto-knowledge behind them. Finman’s story is well known; the youngster invested in Bitcoin when it was worth nearly nothing and managed to cash in at the right time, while Hayner helped build Stellar, Dogecoin, and Block.io.
Nothing is stopping Metal Pay from being a successful payment and exchange ecosystem, and being a good and useful product, but it is the claims that the co-founder is making that has people questioning.
MTL, soon to be better than Bitcoin, allegedly, does not feature in CoinMarketCap’s list of the top 100 cryptocurrencies. It also suffers from extreme price volatility and has lost more than half its value since July. At its peak in 2017, MTL was trading at around $12 per token. At today’s prices, one token is worth less than $0.40.
And, this fixation of beating Libra before it’s even kicked off is odd, not even from just Finman. Binance and its Venus project are also lining up to be Libra killers, according to reports, and yet, that platform is nothing like Libra, nor like Metal Pay.