Public Mint has launched its “fiat-native” public blockchain on Wednesday, allowing anyone to tokenize fiat currencies “of any size with or without a bank account.”
The project hit the market after a 2-year long development period and claiming to have on-boarded over 200 banks to join its network.
The companies using Public Mint can receive payments via credit card, wire transfer, or ACH payment. Initially, the network will only support the US dollar, but the developers have plans to add more fiats.
“The genesis of Public Mint was to allow regulated banks to hold funds which could then be tokenized or “minted”, allowing for the creation of applications and business processes around money without actually moving money between banks,” Halsey Minor, co-founder of Public Mint, explained.
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Minor is also the co-founder of the digital media platform CNET and also founded VideoCoin Network, a decentralized video media platform that has partnered with Public Mint.
Built on a major open-source blockchain
Though the company did not reveal any technical specifications of the blockchain, it is built upon a modified version of Hyperledger Besu with a different consensus mechanism and fiat-based fees.
Hyperledger and IBM Digital Asset Labs are also supporting the new blockchain project.
“At Hyperledger, we are excited to see Public Mint tackle the challenges of programmable currency and frictionless transfer of funds,” Brian Behlendorf, executive director of Hyperledger, said. “By building its solution atop Hyperledger Besu, Public Mint is playing a valuable role in advancing the development and deployment of the newest Hyperledger DLT.”
“In close cooperation with Banks and Trust companies and compliant to regional and global regulations, Public Mint is addressing that initial promise so that all enterprises, from traditional well-established companies to new and innovative DeFi startups can pave the way for the rise of Digital Assets,” Nitin Gaur, director of IBM Digital Asset Labs, added.