Written by Logan

On August 16, 2021

Change in custody providers for Metal Pay

Metal Pay has selected a new cryptocurrency custody platform that will allow for faster and more flexible growth on Metal Pay, and we are in the final stages of migrating all of our users to this new platform. This change has important implications for all users, please read the details below.

If you have an existing deposit address for a token on Metal Pay, it will become inactive in early October, 2021. This means that any deposits made to this address after the deactivation date will not be received into your Metal Pay wallet, and sending tokens to an inactive wallet address may result in lost funds at that time. Tokens previously sent to the address and received in your wallet are completely safe and will be unaffected by this change.

We will provide more specific dates for the conversion in the coming weeks.

Once this migration is complete, you will need to obtain a new wallet address for the specific token you want to deposit on Metal Pay, from within the Metal Pay wallet. To do this, simply login to your account, choose the coin you want to deposit, and generate a new wallet address. We recommend deleting old wallet addresses from any other platforms you may use to avoid sending funds to the wrong address.

More context:
This platform change will allow us to adopt common deposit addresses for coins that are issued on the same mainnet, such as Ethereum-based ERC-20 tokens and Binance Smart Chain-based BEP-20 tokens.  Additionally, this change will allow us to offer new cryptocurrencies that were previously unavailable, and eventually mainnet transfers between Metal Pay and the Proton blockchain will become available.

We understand that this change may be an inconvenience for you, but we’re taking this action with the best interest of our users in mind. We believe that making this shift will provide you with a better experience in the future.

Our Support Team is standing by ready to help with any questions you may have. Please feel free to email them at Support@MetalPay.com to get quick answers to all of your questions. If you would like to read this blog post in Korean, you may do so on our Medium blog.

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