Written by Irina Berkon

On February 25, 2021

Banking the Unbanked – Why we’re creating First Blockchain Bank

Metallicus Inc. has applied for a full national bank charter from the Office of the Comptroller of the Currency, a monumental step for the entire financial and cryptocurrency industry.
Approval by the OCC would mark the first complete bridge between traditional finance and decentralized finance, popularly known as TradFi and DeFi. It would also change the perspective of how Americans will view and adopt cryptocurrency as legitimate finance instruments.

“When we found no bank to serve our needs, we decided to open our own.”

We are creating First Blockchain Bank and Trust to reshape the traditional financial system. Creating a nationally chartered bank will allow us to operate all of our services in all 50 states, a leap for a cryptocurrency company. When successful, we will offer our users FDIC-insured accounts capable of cash deposits, full institutional support for cryptocurrency transactions, fiduciary services for digital assets, and many more regulatory-compliant financial services.

Such services have been rare to come by for companies in the cryptocurrency space. Mostly, this has been the case because traditional institutions did not have the ability to determine whether cryptocurrency companies were legitimate businesses following all necessary compliance requirements. In return, those cryptocurrency companies had to go to enormous lengths, and invest in costly and time consuming processes, rather than focusing on scaling their solutions for companies.

We at Metallicus (Metal Pay) have firsthand experience challenging the existing TradFi mammoth. After investing two years of time and an obscene amount of money on legal fees, we are operating in ‘only’ 38 states while still battling the large traditional banks to keep our operating accounts open.

Our funding and personnel resources have been divided into building our technical product and applying for state licensing, while still managing to keep up with regulatory compliance. We thought, “there must be a better way to support Fintech inventors like us.” First Blockchain Bank and Trust will provide one stop banking and cryptocurrency services to companies, whose business we understand. We will allow tech leaders to do what they do best – move the industry forward.

“We recognized a need for the security and versatility of cryptocurrency services that users, both individuals and businesses, are hungry for.”

Custodying and securely accessing digital assets is hard, both for individuals and for institutions. People trying to keep their cryptocurrency safe on their own risk losing their hard-earned money to hackers, scammers, or lost keys. That imposes a lot of unnecessary stress on newcomers to this industry. On top of that, those risk factors are only compounded for institutional investors and cryptocurrency companies, who risk substantial loss should one of those unthinkable scenarios materialize.

Metallicus thinks that cryptocurrency should be as easy to store as cash. Families and companies should have the same peace of mind about their cryptocurrency that they do about their money in a standard bank account. We also believe that cryptocurrency custody should not stop at security, but it should also include the usability of digital assets in daily activities of businesses. Such assets should not be kept in their illiquid form in a vault purely because of the obstacles that would impose to accessing and managing them. We plan on working with companies to help them with their transition on ensuring they can freely use cryptocurrencies in their operations, while keeping them safe and accounted for.

“The Proton blockchain is built to make money move fast, and is capable of powering dApps, payments, cryptocurrency swaps, and so much more.”

The backend of First Blockchain Bank and Trust will be powered by the Proton blockchain. Our in-house developed blockchain allows transactions to be processed faster than most other financial networks. It is far more cost effective than the Ethereum network, and more capable than any blockchain in existence. Built to make money move fast, the Proton blockchain is capable of powering dApps, payments, cryptocurrency swaps, and so much more.

We created First Blockchain Bank and Trust to give everyone in America a way to be included in this growing decentralized economy.

You can follow our journey by following our main account on Twitter and by following Blockchain Bank on Twitter. Additionally, you can check our website for First Blockchain Bank and Trust to receive the latest news and updates regarding this shift in the cryptocurrency ecosystem.

Welcome to Banking for the Digital Asset Era – we’re glad you’re here to witness it.

Other Metal Pay posts:

Proton Lend LOAN airdrop to XPR and MTL holders/stakers

Proton Lend LOAN airdrop to XPR and MTL holders/stakers

We are excited to announce the introduction of LOAN governance token for Proton Lend and the incoming airdrop that can only be accessed directly on the Proton blockchain. The LOAN token will be used to vote on governance decisions such as which tokens can be...