Report: Syrian Central Bank Devalues Local Currency by Nearly 50%
Report: Syrian Central Bank Devalues Local Currency by Nearly 50% The Syrian central bank recently announced the nearly 50% devaluation of the Syrian pound’s exchange rate ve
‘Teenage Bitcoin Millionaire’ Co-Founds $1 Million Investment Fund for Crypto Startups
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2019-10-11 08:10:23
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.
“With Metal VC, our vision is simple, if we see something we like and believe in, we will invest and send MTL Coin right then and there,†Hayner said, adding: “We view each investment as a partner to Metal.”
Though the amount of time spent advising each firm will vary, Metal is willing to contribute resources including developers or admins depending on a startup’s needs, according to Finman.
The fund is looking to invest seed funding in anywhere between 25 to 100 startups at various stages of development. With an eye towards leading the round “when we can,†Finman said. Metal VC will stake anywhere between a minimum of $25,000 and a maximum of $250,000 in each project.
The fund is self-funded by Finman and Hayner, without outside contributions.
As “the VC fund for misfits,†Finman said he and Hayner are considering company metrics that traditional investment funds may ignore, such as an engaged Discord channel. A founder’s personal quirks also play to Finman’s ear, citing the “super young†and ambitious, or leaders of hacking collectives. Said Finman: “The more of a misfit, the better job you can have in pitching me.”
Funding photo via Shutterstock