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Metals Wants to Solve Payments for the Unbanked with the Bitcoin Blockchain

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Editor’s note: Headline altered to reflect Metal’s endeavor to bring payments for the unbanked via the bitcoin blockchain.

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Hacked discussed with Marshall Hayner the evolution of his startup, called Trees. Once focused on  delivering marijuana by drone – a la Snoop Dogg’s big music via drone push – the service has since been put on hold as Hayner develops Metal, a consumer-friendly approach to melding the world of high-risk payments, rewards and blockchain technology.

What’s on the agenda for Metal in the coming months?

MH: We will be unveiling our payment processing platform, which uses blockchain technology to solve a lot of problems in payments. Circle and others have alluded to using Bitcoin, but their models are not really seamless and don’t incentivize anyone to participate in the blockchain network powering Bitcoin. Rather they are money transfer services with bitcoin exchanges where you can buy marked up bitcoins. We intend to go beyond our competitors, linking credit and debit to our system to send payments, attaching a prepaid debit card, and using a proprietary patent pending system – so our users are charged minimal to no fees. This should incentivize the use of crypto. We also clear payments immediately, thanks to crypto-currency.

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Last time we spoke, you were considering a marketplace. How has the model evolved?

MH: We started working on a marketplace and payment processor, and Gateway helped us to realize that we were doing too many things at once. They advised us to focus on logistics, the marketplace or payments. We know payments is a struggle for all high-risk industries industry. This is why we believe bitcoin plays a big solution for the unbanked.

Some are lucky and get banks if they have connections, but the relationships are tenuous at best. Most dispensaries do not want to deal with digital currency because of price fluctuations, legal status and taxes. But they would like to benefit from some of what it has to offer.

What is Metal’s product currently?

MH: We started building this platform, “Metal,” not just for the unbanked, but for everyone to send and receive payments and get rewarded. We are targeting digital currency enthusiasts, mainstream consumers and small businesses in high-risk areas that services like Square and Stripe don’t serve.

Another problem those services have is that they are not out of the box. We plan on creating an out of the box payment solutions platform that does not require high-risk merchants spending weeks or months to find a merchant processor. Because people don’t necessarily understand Bitcoin, we’ve created a friendly system that pegs digital currency to fiat value to neutralize price fluctuations. We also have incorporated a reward system for when users send and receive payments. We are using multi-signature technology with bitcoin as well as omni layer and other alternative cryptocurrencies.

What’s the goal of the platform?

MH: We want to realize the original goal of PayPal, and that is to freely send encrypted money from anywhere in the world with nothing more than an email address or a phone number for zero fee.

Is the platform tailored only for high-risk industries?

MH: Metal is not solely focused on high risk, we are however targeting this area as many are unbanked. The ability to invoice for digital currency in a friendly way through credit card – that’s something not yet available out of the box, for anyone.

We are developing Paypal functionality, linking a debit card,  the ability to buy gift cards, virtual credit cards, yet with freedom of bitcoin and digital currency. We are also going incorporate a rewards aspect.

Traditionally, you are paying a processing fee. With PayPal, you’re paying high rates, paying three percent to six and a half percent to send money. High-risk processors charge as much as 7-10%. We are building a system proprietary and patent pending to process for nothing or in some cases get an extra 5-10% in rewards.

Change needs to happen from the bottom up, from the consumer and retail level. Imagine a system with the benefits of PayPal style transactions without the stress of holding onto funds in a way where you have to trust one centralized entity with the keys.

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Analysis

Technical Analysis: Bitcoin Up Again as Altcoins Mixed in Volatile Trading

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Bitcoin is at a new all-time high today, although the momentum of today’s move is far below from what we saw recently, and the coin only managed to reach a marginal record high yet again. BTC is now worth $300 billion, and it is still trading right at the short-term trendline, inside a rising wedge pattern that shows a clear momentum divergence.

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With the short-term trend still being intact further gains are still possible, but as all the majors are overbought from a long-term perspective, we still advise investors to wait for a better buying opportunity before adding to their holdings. Primary support is still found near $13,000, with further levels at $11,300, $10,000, $9000, and stronger levels at $8200 and $7700.

BTC/USD, 4-Hour Chart Analysis

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 XRP entered a volatile short-term correction after its two-day surge after giving a short-term sell signal yesterday, and the coin spiked back towards $0.60 before settling down just below yesterday’s highs. The long-term setup also turned overbought thanks to the almost 300% rally, and now investors should reduce their holdings, even as further gains are still possible. Major support is still found at the prior high near $0.4250 and in the $0.30-$0.32 range.

XRP/USDT, 4-Hour Chart Analysis

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Analysis

Cryptocurrency Analysis: Ripple Continues Rampage as Litecoin and Ethereum Enter Correction

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Ripple remained in the center of attention in the segment after breaking out to a new all-time high yesterday, and the coin almost doubled in value, climbing above the $0.80 level. The currency concluded a 6-month long consolidation pattern with the move after being the only major on a long-term buy signal in our trend model.

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XRP gave a short-term sell signal today, while turning neutral regarding the long-term setup. Investors now shouldn’t add to their positions, although further gains are still possible, and reducing holdings somewhat is a good idea here. Major support is still found at the prior high near $0.4250 and in the $0.30-$0.32 range.

XRP/USDT, 4-Hour Chart Analysis

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While Bitcoin stagnated, and Bitcoin Cash jumped, Ethereum, Litecoin, Dash, and IOTA has been drifting slightly lower, although the recent gains are still mostly intact, and the basic setup in the segment is unchanged.

Litecoin fell below the $300 level after yesterday’s consolidation, and the coin faced strong selling pressure in the latter half of the session. The currency remains extremely stretched regarding the long-term momentum indicators, and although the short-term uptrend is still intact, a deeper correction is likely in the coming weeks, with key support levels found at $125 and $100, and weaker levels at $260 and $170.

LTC/USD, 4-Hour Chart Analysis

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Technical Analysis: Volatility on the Rise Again, as Ripple and Ethereum Hit Targets

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Ripple has been the star of today’s session in the cryptocurrency segment, as the only major coin on a long-term buy signal in our trend model continued yesterday’s break-out, and surged to a new all-time high. The currency cleared the $0.425 level that marked the top in May, and after the more than 6-month long consolidation phase, it promptly neared the $0.50 level.

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While the short-term momentum indicators are now stretched, the coin is still in an encouraging long-term setup, although the best period to buy already passed. The coin could be dragged lower in the case of the expected broad correction in the segment, but we expect XRP to outperform in the coming period, with support levels found at the prior high and below that in the range between $0.30-$0.32.

XRP/USDT, 4-Hour Chart Analysis

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Ethereum has been the other top coin on the rise, as the second largest digital currency surged past the final range projection target of the break-out two weeks ago at $685 in the aftermath of the launch of the BTC futures on Monday. The ETH token is now also on a sell signal on all time-frames, and we advise investors and investors to wait for the next major correction to establish new positions. Support levels are now found at $575, $500, $480, and $400.

ETH/USD, 4-Hour Chart Analysis

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