Salesforce Co-Founder Launches Public Blockchain Network With Dollars Baked In

The latest venture from Salesforce co-founder and CNET founder Halsey Minor looks a lot like an attempt to recreate the legacy monetary system on a blockchain.

• Launched commercially last week, Public Mint says its “fiat native” blockchain makes transactions efficient and accessible.

• The platform is described as a programmable blockchain with fiat funds held in insured banks, enabling users to create their own “digital money systems.”

• Users would transact in regular U.S. dollars using their smartphones, while the funds are held centrally by custodians.

• Companies using the platform can accept dollars via credit card, wire transfers and more whether or not they have a bank account.

• Support for other fiat currencies is expected to be added in the future.

• Public Mint is a fiat layer that is claimed to be supported by more than 200 banks – although they aren’t named in a press release.

• The platform could be a solution for cryptocurrency firms that have had trouble accessing the traditional banking system, the firm says.

• Reportedly taking two years to build, it was founded by Halsey Minor, who was also behind CNET, Salesforce and crypto trading platform Uphold (formerly called Bitreserve).

• VideoCoin, another Minor venture, became one of Public Mint’s first corporate users in late May.

See also: Senate Banking Committee Remains Open to Idea of Digital Dollar in Tuesday’s Hearing

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• Salesforce Co-Founder Launches Public Blockchain Network With Dollars Baked In