We at Top10CryptoBots have been closely monitoring cryptocurrency developments lately, especially in terms of Facebook’s actions. Facebook is all set to bring it’s all-new Crypto network called Libra, though it is already surrounded by a bunch of competitors. In the list of its competitor’s Metal Pay by MTL coin is on the top.
Erik Finman one of the opulent investor’s of Metal Pay has said: “Metal Pay is the ideal of Libra.” He even added that he and his supporters are strictly against the Libra payment network.
Metal Pay is the initiative of Marshall Hayner, who is a well-known personality in the Crypto World. Metal Pay is just like a Venmo for cryptocurrency enthusiasts.
While visualizing Libra, Facebook also had a similar approach to Metal Pay, though it is not yet accepted as a secure blockchain payment platform made with the usage of tangible assets and for regular users.
Still, investors are excited by the new investment opportunities that will enrich trading platforms of the rank of Bitcoin Loophole.
The Difference between Metal Pay & Libra
The first point of comparison is that Metal Pay & Libra that hosts major financial service partners like MasterCard, Paypal & other affluent payers has operations done on decentralized blockchain & digitally distributed ledger system.
This shows that users can have open validation for transactions in Metal Coin which is the potential currency of Metal Pay. But Libra users have limits for the validation of their transactions, it is because it does not operate on an open network.
Another difference is that Metal Pay is already in operation and Libra is yet to come. Finman says “Hayner is a patient person and he waited until all the legal actions were completed & then acquired licenses for 4 states in the US last year. On the contrary, Libra will be available to its users by 2020 on messenger and WhatsApp platforms.
Another point of discussion is that Libra has not been admired by US regulators. As Mr. Sen. Sherrod Brown, D-Ohio has said “Facebook is been going through multiple scandals, and that is the reason association of banks will not trust Facebook at the risk of its user’s information.
Also, the Secretary of Treasury Steven Mnuchin said that “possibly Libra would be used for illegitimate purposes”. He says probably Calibra would be used as a digital wallet, and Facebook’s Libra will be taking care of a widespread network.