The latest venture from Salesforce co-founder and CNET founder Halsey Minor looks a lot like an attempt to recreate the legacy monetary system on a blockchain.

  • Launched commercially last week, Public Mint says its "fiat native" blockchain makes transactions efficient and accessible.
  • The platform is described as a programmable blockchain with fiat funds held in insured banks, enabling users to create their own "digital money systems."
  • Users would transact in regular U.S. dollars using their smartphones, while the funds are held centrally by custodians.
  • Companies using the platform can accept dollars via credit card, wire transfers and more whether or not they have a bank account.
  • Support for other fiat currencies is expected to be added in the future.
  • Public Mint is a fiat layer that is claimed to be supported by more than 200 banks – although they aren't named in a press release.
  • The platform could be a solution for cryptocurrency firms that have had trouble accessing the traditional banking system, the firm says.
  • Reportedly taking two years to build, it was founded by Halsey Minor, who was also behind CNET, Salesforce and crypto trading platform Uphold (formerly called Bitreserve).
  • VideoCoin, another Minor venture, became one of Public Mint's first corporate users in late May.

See also: Senate Banking Committee Remains Open to Idea of Digital Dollar in Tuesday’s Hearing

Disclosure
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.