Erik Finman and his business partner Marshall Hayner – the founders of Metal Pay – have invested roughly $1 million into a new venture fund called Metal VC. The purpose of the fund is to invest in new blockchain businesses and crypto-based products.
Erik Finman Makes Metal Mainstream
Erik Finman is arguably one of the crypto space’s most intriguing figures. First getting into bitcoin while he was in high school, he turned to crypto trading as a hobby, though he was confident it could potentially become a valid career. He made a bet with his parents upon receiving a $1,000 gift from his grandmother – that if he could invest the money and become a millionaire by his 18th birthday, he would not have to attend university.
The bet paid off. Finman invested the money into bitcoin and cryptocurrencies and upon becoming a full-fledged adult, bitcoin began experiencing the massive hikes that would ultimately bring it up to its near-$20,000 mark in late December of 2017. Finman was a millionaire; thus, he turned his back on schooling – something he was never passionate about before – and decided it was time to go into business for himself.
Investing in crypto has also given him the opportunity to explore specific luxuries, such as fancy cars and apartments in well-to-do areas like San Francisco, California.
With Metal VC, both men are looking to focus on “early stage ventures” that focus on decentralized finance. This is the primary goal of most cryptocurrency products. Crypto is designed to give financial independence to its users. While banks and standard financial institutions seek to retain control of monetary ventures and products, bitcoin and its altcoin cousins are in the hands of those who use them.
Metal VC is looking to add approximately 25 to 100 new ventures to its portfolio in the coming months through angel and/or micro investments. In a statement, Hayner explained:
With Metal VC, our vision is simple. If we see something we like and we believe in, we will invest and send MTL [Metal Coin] right then and there. We view each investment as a partner to Metal.
Furthermore, all companies the two men decide to invest in will gain access to Metal’s current list of partners to assist them in any plans for expansion. Metal is also looking to provide developers, administrative workers and other resources to any new platforms.
How Will Investments Work?
The first company Metal is investing in is called Yellow Card. It’s a startup supported by Binance, arguable the largest and most popular cryptocurrency exchange in the world and seeks to “bridge the gap between cash and crypto.”
The co-founders of Metal say that each company joining hands with the firm can expect to receive grants of anywhere between $25,000 and $250,000 for each of their scheduled projects.