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
https://cointelegraph.com/news/federal-reserve-s-fednow-will-integrate-with-metal-blockchain
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.