Toronto based payments company nanoPay have acquired the digital currency platform MintChip™ from the Royal Canadian Mint.
MintChip™ is “a digital replacement for cash” and, the company says, with backing from the Government of Canada, is the first regulator-friendly digital cash platform.
“As a digital payment technology with many of the attributes of cash, MintChip™ enables consumers and merchants to exchange value faster, safer and at a fraction of the cost of other digital payment alternatives available today. It is also uniquely able to support compliance with regulatory standards, including anti-money laundering (AML) and know your customer (KYC) rules.”
nanoPay, a private loyalty and payments company, plans to roll out the digital currency platform commercially this year.
When discussing the acquisition, the Royal Canadian Mint’s Senior Director of Finance, Bob Zintel, said:
“This transaction, which was conducted through an open, transparent divestiture process, allows MintChip™ to move to its natural next step of commercialization in the private sector. Canadians can now look forward to the evolution of MintChip™ as nanoPay explores the full potential of this digital payment technology in the global marketplace.”
Read the full press release from the Royal Canadian Mint here.