METL is introducing what it claims to be the first-ever decentralized fiat gateway infrastructure of its kind “bridging Web 2 to Web3 in collaboration with Prime Trust and Avalanche.”
METL’s roots date back to 2018 when the first MVP was created, in order 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) is reportedly “the first decentralized native token on Avalanche due to its EVM compatibility, cost-effective transactions, and innovative consensus algorithm.”
As noted in the update, the team “recognized the growing need in the ACH industry for more advanced technology to settle transactions and move into the digital world more efficiently.” They have now “developed a solution that marries the ACH world to Web3, where an ERC20 token is configured to be used as a utility before it enters the DEFI world.”
Their solution is reportedly backed by Prime Trust, which is described as an all-in-one financial infrastructure provider supporting the world’s crypto and fin-tech 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 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.”
Daniel Berman, Director, Institutional Sales, Prime Trust.
“METL is doing something truly unique with its patented Infrastructure for FIAT gateway in the US, creating the first Bank to Web3 decentralized access. As the leading backend infrastructure provider for FinTech, Prime Trust empowers innovators such as METL via a comprehensive API-driven ecosystem.”
In order to access their 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 incentivize the node operators.”
METL will begin opening a whitelist for the beta in March 2022. You may choose to join their waitlist here.
As mentioned in the update, METL is a patented infrastructure for FIAT gateway, ACH settlement in ERC20 token “to connect US bank to Web3.”
They are reportedly “onboarding the next generation of users from the world of traditional finance into the wonderland of digital currency.”
In 2018, METL was launched “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.”
As explained in the announcement, 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.”
In order to make sure your funds are secure, “every user must go through a KYC process required by US regulatory authorities.” The team says they “welcome all US bank account holders ready to make smart money.”