Toronto-based startup nanoPay acquires MintChip from Royal Canadian Mint

nanopay

Toronto-based nanoPay, an integrated loyalty and payments platform provider, announced that it has acquired MintChip, a digital currency created by The Royal Canadian Mint.

MintChip was originally designed by Dr. David Everett, the British cryptographer responsible for creating the Mondex smart card electronic cash system, a digital replacement for cash linked to a country’s fiat currency. Royal Canadian Mint started developing MintChip in 2012 amid rising bitcoin interest, but decided last year to halt its development and sell it to a business in the private sector.

“It is hard to imagine a world in the near future that continues to use cash. Digital currency is inevitable and our MintChip platform has been built to ensure it will exceed the needs of consumers, businesses and governments,” said Laurence Cooke, founder and CEO of nanoPay. He added that the company will now focus on expanding partnerships with central and commercial banks, telcos, acquirers, retailers, and developers to expand MintChip’s utility. “Digital cash will transform payments globally, from the unbanked to the largest financial institutions, moving us one step close to a cashless society.”

The MintChip platform was commercially tested by the Royal Canadian Mint in a 6-month trial and has been granted five patents, with another five applications currently in process. The MintChip platform is currently live and processing transactions, and will be commercially deployed in the coming weeks.

“While still in its infancy, many are beginning to realize the potential of digital currencies and nanoPay truly understands the important role digital cash will play in the evolution of currency,” said Everett. “We are confident that MintChip will gain consumer, merchant and regulator trust as a digital replacement for cash.”

Jessica Galang

Jessica Galang

Freelance tech writer. Former BetaKit News Editor.