Metal Blockchain | Saturday, May 13 2023
On May 11, news quietly broke that the Federal Reserve will be using Metal Blockchain for their FedNow payment
FedNow is an instant payment system developed by the United States Federal Reserve. It allows for round-the-clock, near-instant payments between banks. Currently, U.S. residents can only make instant payments domestically through third-party apps such as PayPal and Venmo, or crypto wallets. The Federal Reserve has stated that the new service will launch in July.
This is potentially a large use case that is not getting a lot of attention. Metal Blockchain is essentially a very centralized fork of Avalanche and has a token that can be purchased at Gate.io.
At this point in time, the FDV is only $56M.
With FedNow launching in July, we feel there is asymmetric risk:reward for $METAL as news and announcements about the technology start to roll out.
This is a high risk play that may take several months to play out, if at all.