Public Mint Launches Its Blockchain; Over 200 Banks Plan to Support Its Digital Money

2020-7-4 22:48

vPublic Mint, a firm founded by CNET founder Halsey Minor, has announced the launching of its ‘fiat-native’ public blockchain, which enables anyone to easily tokenize fiat money of any amount whether they have a bank account or not. The new blockchain launched after 2 years of development.

Public Mint also revealed that it has inked deals with over 200 banks that will help in holding the funds, thus backing its fiat token network. However, its website offers scant details about these banking partners. The firm has also named IBM Digital Asset Labs as well as Hyperledger as some of its supporters.

Firms that will use Public Mint will be able to accept payments through credit card, wire transfer as well as ACH payment. At the moment, the network only supports US dollars, but plans are underway to add other fiat currencies. Halsey explained about the project:

“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.”

Minor is also the co-founder of CNET, a digital media platform, as well as the decentralized video media platform, VideoCoin Network, which has since signed an agreement deal with Public Mint.

While the firm did not offer any technical details about the platform, it is created upon a modified version of Hyperledger Besu but based on a divergent consensus mechanism as well as fiat-based fees. This explains why Public Mint acknowledged Hyperledger as one of their main supporters.

The new platform seems to have already gotten support from various renowned players within the distributed ledger (DLT) sphere. The executive director of Hyperledger Brian Behlendorf stated:

“At Hyperledger, we are excited to see Public Mint tackle the challenges of programmable currency and frictionless transfer of funds.”

On his part, IBM Digital Asset Labs director Nitin Gaur stated that Public Mint would play an essential role in enhancing the growth of digital assets.

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