Public Mint has announced the commercial launch of its service. The company allows users to build their own digital money system, regardless of size, even if they do not have a bank account.
Public Mint argues that, even today, businesses are not able to create applications for money at the level of the ones for sales and HR. This is due to the fact that banks’ monetary systems experience time delays, serious costs, and low accessibility.
The team behind Public Mint claims to have worked for two years on the project and fused the benefits from the blockchain world with secure and regulated custodians of fiat funds. With a built-in open architecture, Public Mint manages the movement of funds as a fiat blockchain layer on top of a network of more than 200 banks. With the new system, people and organizations can build completely new types of applications working with money, while also simplifying the movement of funds among all involved parties.
Co-Founder of Public Mint, Halsey Minor, spoke about the birth of 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. We further realized we could also connect every person, business, and application globally in a frictionless network even including participants without bank accounts. Rarely does one technology provide so many benefits.”