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.