Public Mint launched the ‘Fiat-Native’ public blockchain after two years of development. It is understood that the blockchain contains the tokenization of fiat currencies that are held in the accounts of insured and regulated fiat custodians.
Furthermore, Public Mint claimed that they have partnered with a network of more than 200 banks to hold the funds. However, the site does not provide details on banking partners, with Hyper ledger and IBM Digital Asset Labs being named in the announcement as supporters.
It is understood that companies which use Public Mint can accept payment through credit card, wire transfer, or ACH payment. The network only supports U.S dollars at launch, the platform plans to soon introduce other fiat currencies.
The blockchain is considered to be a modified version of Hyper ledger featuring a different consensus mechanism and a fiat-based fees.
Halsey Minor co-founded Public Mint. He is known for co-founding pioneering digital media firm CNET in 1993. Minor filed for bankruptcy in 2013 but has since founded the Video Coin Network which is a decentralized video media platform that has partnered with Public Mint.
“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 announced.