nanoPay Acquires Canada's MintChip, Bringing Digital Fiat Currency To Market
Canadians will soon be able to make digital transactions in their country’s fiat currency. If the owners of the digital currency platform, MintChip, have their way, other fiat currencies will soon follow. Toronto-based Loyalty Pays Holdings corp., a subsidiary nanoPay, a loyalty and payments platform provider, has acquired the assets of MintChip, a digital currency developed by the Royal Canadian Mint. MintChip uses secure asset stores to move funds that any national currency can recognize, nanoPay noted. Funds can be exchanged without an intermediary, both online and offline. The process....
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As of December 18, 2015, all assets related to MintChip – a digital currency developed by The Royal Canadian Mint – were transferred to nanoPay Inc., a Fintech company based in Toronto that provides loyalty and payments solutions for retail and ecommerce merchants. According to the Royal Canadian Mint, the MintChip enables consumers and merchants to exchange value almost instantly at a fraction of the cost of other alternatives. The chip itself is a secure smartcard integrated circuit that provides an electronic purse functionality, and can be inserted into all sorts of devices from....
Loyalty and payments platform provider nanoPay had a memorable start to 2016. The Toronto-based startup acquired MintChip, a digital currency developed by the Canadian Mint as a fiat alternative to bitcoin and originally backed by the Canadian dollar. With the acquisition, nanoPay CEO Laurence Cooke sees an inevitable future wherein digital currencies will revolutionize society and the financial system, from the unbanked to the biggest financial institutions in the world. CCN spoke to a representative of nanoPay about the company and founder and CEO Laurence Cooke to hear about his take on....
The Canadian government has announced that it will end its MintChip electronic payment system, and that it will look to sell the business to the private sector. Announced in 2012, MintChip was not a digital currency akin to bitcoin, but rather a digital payment mechanism meant to function as an electronic cash that could be transferred between users. Still, MintChip was widely viewed as an alternative to bitcoin that was famously criticised by Bitcoin Foundation director Jon Matonis for "missing the point" of the technology. A spokesperson for the Canadian Mint confirmed the news to The....
Anthony Di Iorio was one of the original founders of the Ethereum project, which received ample attention in 2016 as it passed a billion dollar market cap for the first time. Technology firms both inside and outside the Bitcoin industry are exploring the ways in which non-financial applications and Ethereum-based projects could change our world. Di Iorio, for the most part, has been at the heart of this in Canada. The nation’s most-headlined FinTech project has been the Royal Canadian Mint’s MintChip project, which recently sold to nanoPay. But Di Iorio has commanded a large part of the....
The Royal Canadian Mint is to begin testing its MintChip electronic payment system by the end of the year, according to reports. Software engineers at the Mint will begin piloting the system as a new means of paying for goods and services using smart phones and other devices. Announced in April 2012, MintChip isn't a virtual currency. Instead, it is a mechanism for holding Canadian dollars - and potentially other currencies - electronically as digital cash that can be transferred between participants. The concept has languished publicly, with nothing of note happening since a developer....