Popular Firearms Marketplace GunBroker to Launch 'FreedomCoin' Stablecoin

Leading firearm marketplace GunBroker.com is reportedly set to launch a stablecoin called ‘FreedomCoin’ that’s set to be used on its platform, in a move meant to help firearms merchants transact without dealing with financial institutions’ restrictions.

According to a recently published press release, the stablecoin is set to be a “regulatory compliant corporate currency,” developed by ICOx Innovations Inc, for GunBroker. The online marketplace lets users buy and sell hunting, outdoor sports, and firearms products. It has over 4.7 million users, and sees over $600 million in transactions per year.

GunBroker’s users will in the near future be able to accept FreedomCoins in their transactions, using blockchain technology to “replace the need for other costly and time-consuming payment options.” Users will be able to convert USD to freedomCoins via an “easy-to-use app” on the platform, which is reportedly designed to meet know-your-customer (KYC) and anti-money laundering (AML) compliance.

Bruce Elliot, the president of ICOx Innovations, noted that this is one of the cases in which a “compliant cryptocurrency can truly replace the need for other costly and time-consuming payment options which is something of extreme value to GunBroker’s users. Per his words, given the marketplace’s size, this could “potentially become the most retail transacted cryptocurrency in the US.”

Steven F. Urvan, the CEO and CTO of GunBroker, was quoted as saying:

Anyone who has purchased a firearm knows how painstakingly brutal it can be to deal with traditional credit card companies and other financial institutions. Thanks to ICOx and BitRail, now we can virtually eliminate that problem and expose a whole new segment of gun and outdoor enthusiasts to the world of digital payments.

ICOx USA, a subsidiary of ICOx Innovations, was contracted by FreedomCoin LLC to create the cryptocurrency.  It’ll “charge up to” $2 million for its design and development, while being allowed to acquire an up to 20% stake in FreedomCoin LLC, an organization presumably established to manage the cryptocurrency.

 Notably, ICOx Innovations was reportedly behind the KodakOne platform, a blockchain-based image rights management platform licensed by Kodak. Recently, KodakOne shocked critics by announcing a million dollar beta test.

Metal Pay's MTL Jumps 20% After After 'Thumbs up" From Youngest Bitcoin Millionaireungest Bitcoin Millionaire

Metal Pay, a peer-to-peer payments platform run by Metallicus, has seen the price of its MTL token jump on cryptocurrency exchanges this week after receiving an undisclosed amount from the youngest bitcoin millionaire Erik Finman.

According to a report published by CoinDesk, Metal Pay’s CEO Marshall Hayner partnered with Erik Finman to develop an “all-in-one” cryptocurrency banking platform that’ll haven exchange with 17 digital assets, a digital bank, and a payments applications with social features similar to those of PayPal’s Venmo.

The report notes Metal Pay has so far processed around $11 million in payments from nearly 130,000 registered users, across 38 states. Per month, it adds, Metal Pay processes $1 million in crypto or fiat.

Finman reportedly invested a “modest amount of bitcoin” to finance the development of the startup’s banking and exchange ecosystem, which reportedly holds around $2 million in cryptocurrency and fiat. The young bitcoin millionaire added however, he would be willing to put his “400 something” bitcoin fortune on the startup.

After CoinDesk’s report was published users seemingly flocked to cryptocurrency exchanges to get their hands on MTL tokens. At press time, CryptoCompare data shows the token’s price has risen 20.9% against BTC in the last 24-hour period, and 22.2% against ETH.

MTL's price performance in the last 24 hours

Metal Pay’s CEO, Hayner, reportedly helped build Stellar and Dogecoin before he founded the payments startup in 2016. The firm has received $3 million in a funding round from ShapeShift CEO Erik Voorhees, G2 Ventures, and Gateway.

The company is said to be actively working with regulators, and to have partnered with Arkansas-based Evolve Bank and Trust to provide FDIC insured deposit accounts, as well as other financial services in the future.

Proof of Processed Payments

Last year, Hayner developed a protocol known as proof of processed payment, which distributes MTL tokens to Metal Pay’s users according to the amounts they transact using the platform. It helps reach consensus and validate transactions.

Through it, users can earn up to a 5% reward on their transaction volume, which Hayner notes “for consumers, is construed as cash back.” These rewards can be converted to fiat, sent to another user, or held.

MTL holders may also receive other rewards, Hayner notes, as those who hold “over 10,000 MTL on an average spot price between Binance, Kraken, and Bittrex” won’t be charged fees. Feeless options for merchants are also being considered.