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Crypto Payments Startup Metal Pay Applies for National Bank Charter



The recent application will first go for public comments for a 30-day period and later will move towards OCC approval. Metal Pay expects a decision from the OCC within the next four months.

Metal Pay, the US-based peer-to-peer crypto payments startup, has recently applied for a National Bank Charter in America. Dubbed as the “First Blockchain Bank and Trust, N.A.”, the trust company will be based out of South Dakota.

The crypto startup submitted this application to the Office of the Comptroller of the Currency (OCC) earlier this week on February 3. The Metal Pay CEO also added that they will shortly file applications with the Federal Reserve Bank of San Francisco as well as the Federal Deposit Insurance Corporation (FDIC).

As the crypto industry matures, new startups in this space are showing much interest in bringing crypto banking solutions. On the other hand, the OCC has been showing crypto-friendly nature in recent times. This has encouraged more players to come up with their own crypto banking solutions in recent times.

Last month, the OCC granted its first Federal Crypto Bank charter to crypto custodian Anchorage. Post that a number of players have shown interest. BitPay, Paxos and now even Metal Pay are among the latest names to apply for a banking charter with the OCC.

Metal Pay Applied for a Full Bank License

Metal Pay CEO Marshall Hayner has said that the crypto startup has applied for its first “full” banking licensure. “This would be the first FDIC-insured crypto bank,” Hayner said speaking to CoinDesk. It means that the banking license will allow the startup to accept cash deposits in addition to crypto. Also, it wants that the FDIC should insure these cash deposits.

Now that the application is filed, it will enter a 30-day public comment window before it goes to the OCC for consideration. Having a realistic expectation, Hayner said that the OCC should give its decision within four months. It is very much possible that we will be having a new OCC by then.

Former crypto-friendly Acting Comptroller of the OCC recently left the office during the end of the Trump Administration. Crypto startup Metal Pay said that its service aims to majorly attract institutional players. Of course, retail players will also be a part of the crypto bank. Recently, crypto exchange Gemini also launched its new crypto-interest service Gemini Earn offering a 7.4% APY yield on crypto deposits.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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Altcoins To Watch: AAVE, LINK, ETH



Historically, stimulus checks have been pumping the cryptocurrency market. Let us see if we see another round of bullish marathons this time. Today’s picks are AAVE, LINK and ETH.

There was a theory that whenever the US Stimulus bill was accepted, the cryptocurrency market will skyrocket and the signing of the Bill by President Biden will establish a new bullish cycle. Yesterday, March 6, the Senate approved the $1.9 trillion bill, on Tuesday the House Democrats are expected to pass the bill and President Biden is expected to sign the bill this coming week.


As for the announcements and updates, Aave has partnered with a Lichtenstein-based crypto wallet and exchange Nash to integrate DeFi earning products by Aave and Aave token will be available to trade on Nash. As Nash currently supports Circle’s digital USD, it is assumed that the first tradeable pair will be AAVE/USDC, whereas adding other pairs such as AAVE/ETH is expected as well. The total value of AAVE locked in DeFi has significantly increased in the past 24 hour, adding 7.4% in USD, making $4.984B in total value locked.

Photo: TradingView

AAVE/USD shows strength by breaking out of the descending parallel channel. The best price action for the pair would be the test of the dynamic resistance (the upper edge of the channel) as support and continue upwards to test resistances at $495 and $594 above that.


Chainlink has partnered with yet another DeFi protocol Swingby. Swingby will use Chainlink to match prices in its inter-chain swaps. Chainlink is moving to FX now with expanding its oracle network to support price data of non-crypto currencies with the launch of EUR/USD. As the company declared on their blog, the FX EUR/USD pair is already used by derivatives protocol Synthetix. While exchanges pull data from FX liquidity providers to offer FX pairs on their trading terminal, Chainlink brings the most accurate FX data into DeFi and blockchain. The accuracy of the data is provided by the many oracles which aggregate the price and the network accepts the most accurate among all Oracles.

Photo: TradingView

LINK/USD stays above the dynamic support of the ascending channel and above the 50MA on a 4-Hour chart. The further advancement of the price was stopped by a strong resistance at $28.600, breaking of which will lead to a jump towards $31.4700 and $33.000. It is highly recommended to watch for the touching of the upper edge of the ascending channel by LINK/USD at any point, as there is a strong resistance.


Ethereum was one of the coins to highly cheer the Stimulus bill by adding 8.38% to its value yesterday. This week Ethereum hit another record with the total ETH locked in DeFi on March 5 reached $8.876B, helping ethereum price to jump after a decline of the price.

Ethereum price on Overbit

ETH/USD has made a significant advancement into turning it’s bearish sentiment to bullish by closing above the dynamic resistance of February 24. The same dynamic resistance also acts as a neckline of the inverted Head and Shoulders formation.

Ethereum price on Overbit

An hourly ETH/USD chart clearly demonstrates that Ethereum is on a bull phase. The pair has completed a breakout from the triangle, the move which supported the breakout is impulsive, the price retested the dynamic resistance as support. There is one obstacle to overleap at $1680 and Eth can advance upwards to test another strong resistance area laid at $1805 – $1825 area.

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Kseniia Klichova
Author: Aziz Kenjaev

Senior Vice President at Overbit. Technical analyst, crypto-enthusiast, ex-VP at TradingView, medium and long-term trader, trades and analyses FX, Crypto and Commodities markets.

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Key to Sustainable Decentralized Economies? This Project May Have Secret Sauce



DAFI introduces a completely new alternative to hyperinflation.

Inflation is not a new concept and, in the world of traditional finance, continued pressure on the economy saw the US printed more money in one month than in two centuries last year. Inflation is also not new in the cryptocurrency and DeFi realms, with the mechanics propping-up today’s decentralized economies often relying on token inflation to reward token holders and early adopters.

Utilising tokens as a tool, the vast majority of DeFi protocols offer a range of incentives including staking and liquidity provision rewards to encourage participation and support. Outside of DeFi, inflation is again used largely to incentivize network participants to be a part of the decentralized mechanisms that keep platforms running and token economies functioning.

Too Much Air?

Although inflation is undoubtedly an effective strategy that works for some of the world’s strongest blockchain networks (Bitcoin being one of them), many of today’s DeFi and blockchain projects rely too heavily on this model for incentivization. Over-inflationary reward mechanisms inevitably lead to a gradual increase of the tokens circulating supply, increased prices and a reduction of purchasing power.

In worst-case scenarios, badly designed inflation models have the complete collapse of projects, with the token numbers rocketing but the token itself becoming all but worthless in a scenario that benefits neither the development of the project nor the token holders. The rapid growth of DeFi protocols has seen countless projects experimenting with hyperinflationary token models that end up imploding due to the combination of low demand and high inflation rates.

Recreation of Inflation

DAFI looks to change the way that the blockchain space utilizes inflation, by enabling web3 and DeFi protocols to reward participants and early adopters with synthetic versions of their tokens as rewards. With an elastic, intermediary synthetic unit that is synthesized, DAFI recreates inflation without creating excessive supply.

This exciting new alternative to hyperinflation has applications across both blockchains and DeFi platforms and, by giving protocols the power to distribute rewards to network participants and early adopters in a manner that does not entail excessive token supply, both the platform and the user can benefit from a healthier and more sustainable incentive model.

Win-win for Future DeFi Economies

With the DeFi space still in its infancy, periods of volatility in the market such as back in October 2020 saw many DeFi projects damaged when investors decide to lock in profits. By creating demand-pegged inflation, projects integrating with the DAFI protocol can stop relying on over-inflation and avoid unrecoverable damage to their token valuations during bearish market periods.

For those looking to genuinely support the growth of decentralized protocols and their ecosystems, DAFI is a welcome alternative to shaky and unsustainable incentive models currently on the market. With an MVP already available and having last year been recognized by banking firm NatWest in the company’s monthly newsletter, DAFI looks to ramp up activities this year with milestones including the launch of DAFI.Finance in Q2.

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Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.

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How Could It Affect Bitcoin?



While the COVID-19 pandemic has slowed down markets worldwide, especially the US stock market, several investors and traders went after alternative assets and options that could provide them a better store of value.

The United States Senate approved by a 50-49 party-line vote a $1.9 trillion coronavirus stimulus check, a plan already announced by Joe Biden at the beginning of January. This COVID-19 package relief includes the third round of stimulus checks that will be passed to president Biden, with a deadline of March 14 to make changes to the package before Biden gets to it.

What Does the COVID-19 Package Relief Plan Provide?

The COVID-19 package relief will include a series of direct payments to help boost the economy, hit by the coronavirus pandemic in 2020:

  • Americans making over $75,000 per year will receive direct payments of $1,4000.
  • Jobless Americans will receive $300 per week
  • Couples who make over $150,000 will receive $2,900 as a household check
  • One year increase to Child Tax Credits, which is a tax credit check that could be worth up to $2,000, depending on the income of households.

Why Is This Vital for Crypto?

  • Investing in crypto: Americans are one of the most active cryptocurrency advocates in the world. While financial institutions and politicians are still debating and giving uncertain weather for cryptos, a good percentage of the population are trading or investing in them in some way, especially, Bitcoin. If Americans who received the check start using that money to invest in cryptocurrencies, the crypto market would likely see a boost by mid-year.
  • Inflation: Stimulus Checks also mean more money issued —meaning, more money printed. The more money is printed, the higher the inflation as the value of fiat decreases. This is also another vital point for Bitcoin and most cryptocurrencies.
  • Hedge against inflation: While the COVID-19 pandemic has slowed down markets worldwide, especially the US stock market, several investors and traders went after alternative assets and options that could provide them a better store of value.

When institutional investors and companies, like PayPal, Grayscale, and Tesla, started hoarding Bitcoin, many realized that BTC together with several altcoins, changed from just being a medium of exchange to become a better hedge against value decreasing fiat.

While the weather in the US is uncertain regarding cryptocurrencies, this would likely act as a boost for most digital assets, reaffirming the need for better financial methods as changes are taking place in the world, and most economies can’t rely on the same classical methods of printing money every month for citizens.

Back in February, Janet Yellen made several mixed statements about crypto, specifically, Bitcoin, calling it a “special concern” by outlining how crypto-assets are being used for “shady businesses”. Yellen added that Bitcoin and other cryptos can be used for financing terrorism, but a report by Chainalysis highlighted how Bitcoin only accounts for 0.34% of terrorism-related transactions, keeping the US dollar as the preferred currency chosen by terrorists.

In the last 24 hours, Bitcoin has recovered 0.50% in price, trading in volumes of $49k, with a decent bullish index showing demand is still strong.

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I’m a finance journalist and copywriter with a keen interest in the fintech field. I have keen on blockchain technology and cryptocurrency and I believe it can reshape the way we see money and financial freedom.

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