By: Daniel Kuhn
The leaders of crypto payment app Metal Pay, Marshall Hayner and Erik Finman, are launching an investment fund.
Dubbed Metal VC, the $1 million dollar fund will focus on micro and angel investments, primarily in early-stage companies involved in banking and decentralized finance. The fund will allow the startup to align with partners as it expands globally, according to Metal CEO Hayner.
The Metal subsidiary closed its first deal last month, with an undisclosed stake in the Binance-backed startup Yellow Card, which provides a cash-to-crypto on-ramp for emerging markets.
A week after the deal, Finman told CoinDesk he may be close to closing on another startup. This time, an app created by a YouTuber to compete against the video hosting giant that features an in-app currency that could be converted into crypto.