Metal Blockchain, a Layer 0 Blockchain, is providing its capabilities to financial institutions interested in utilizing the FedNowSM Service.
San Francisco, May 11, 2023 – Metal Blockchain, developed by Metallicus, a leading technology company in the decentralized finance industry, is proud to announce its connectivity to the FedNowSM Service, the Federal Reserve’s forthcoming real-time payments rail.
Metal Blockchain, the only Layer 0 blockchain built on the foundation of BSA Compliance, is proud to announce its integration with the FedNow Service, the Federal Reserve’s first Layer 0 blockchain, and an instant payment rail. This marks a significant milestone for Metal Blockchain, further solidifying its position as a leading player in the blockchain industry.
As a Layer 0 blockchain, Metal Blockchain provides a secure and reliable foundation for decentralized applications (dApps) that require high performance and scalability. Its innovative consensus mechanism and state-of-the-art security protocols ensure that transactions are processed efficiently and securely.
Metal Blockchain’s integration with the FedNow Service will provide instant funding for digital wallets, among other services, enabling users to purchase stable coins or convert them back to USD and transfer them in and out of DFIs using FedNow’s send/receive functionality. This is just one of the multiple use cases of Metal Blockchain’s integration with the FedNow Service.
“We are excited to announce our integration of the FedNow Service,” said Donald Berk, COO of Metallicus Inc. “Our BSA-compliant platform and integration with the FedNow Service make us a standout player in the blockchain industry. We believe that this connectivity will not only benefit our users but also the broader blockchain ecosystem.”
As the blockchain industry continues to evolve, Metal Blockchain is committed to providing innovative solutions that meet the needs of its users. With its BSA-compliant platform and integration with the FedNow Service, Metal Blockchain is well-positioned to become a key player in the blockchain ecosystem.
“We appreciate the commitment of Metal Blockchain to enabling FedNow adoption and participating in the showcase,” said Nick Stanescu, Federal Reserve Bank senior vice president and FedNow business executive. “The time is now for organizations to identify and connect with partners they’ll need to build the end-to-end solutions the market is demanding.”
For more information, visit metalblockchain.org.
About Metal Blockchain
Developed by Metallicus, Metal Blockchain is a pioneering Layer 0 blockchain technology provider focused on addressing global financial challenges through its scalable, secure, and decentralized infrastructure with built-in BSA Compliance. Metal Blockchain’s flexible infrastructure empowers developers to create tailored solutions for diverse financial applications, fostering innovation and growth in the global financial sector. Inspired by the vision of CEO Marshall Hayner, Metal Blockchain seeks to revolutionize the financial industry through compliance-driven innovation.
About the FedNow Service
The Federal Reserve Banks are developing the FedNow Service to facilitate the nationwide reach of instant payment services by financial institutions — regardless of size or geographic location — around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals will be able to send and receive instant payments at any time of day, and recipients will have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments. Access will be provided through the Federal Reserve’s FedLine® network, which serves more than 10,000 financial institutions directly or through their agents. For more information, visit FedNowExplorer.org.
“FedNow” is a service mark of the Federal Reserve Banks. A list of marks related to financial services products that are offered to financial institutions by the Federal Reserve Banks is available at FRBservices.org.