NanoPay, a loyalty and payments platform provider, bought MintChip, a digital currency product developed by the Mint, for an undisclosed sum.
Created to be the first regulator-friendly digital cash platform, MintChip was designed to support compliance of regulatory standards, including anti-money laundering (AML) and know your customer (KYC) rules.
It was originally designed by Dr. David Everett, a British cryptographer responsible for the Mondex smart card electronic cash system.
The MintChip platform was successfully tested by the Mint in a six-month internal trial and has been granted five patents, with another five applications in process. The platform is now live and processing transactions today, and will be commercially deployed in the coming weeks.
nanoPay is now focused on expanding partnerships with central banks, commercial banks, telcos, acquirers, retailers, as well as developers and POS providers, that will further expand the utility and acceptance of MintChip.