Mint is a new blockchain banking platform developed by First Shoshin Holdings, Inc. (FSHI). It utilizes FSHI’s proprietary technology called Cloudchain, which is a solution to advance emerging markets, provide universal transparency with higher security, and reduce value transfer costs globally.
Launching on the 22nd of this month, Mint is leading the digital transformation of the world economy by pioneering the biggest stablecoin implementation via the deployment of tokens for the global market.
One may ask, “why stablecoins?” Stablecoins offer the possibility of cryptocurrencies becoming digital forms of cash. Mass adoption of stablecoins can help reduce the number of people who are unbanked and encourage global economic participation. A stablecoin is a new class of cryptocurrencies that attempts to offer price stability and is backed by a reserve asset.
As it was built with its proprietary blockchain technology (Cloudchain), Mint will allow for sustainable digital value transfers for everyone upon launch. Mint’s global value transfer ecosystem facilitates and runs stable, digital currencies allowing everyone to participate in the digital economy and drive adoption and financial inclusion opportunities.
Mint deploys MintCoins, stablecoins that are pegged to its equivalent unit of currency, and is built with an advanced exchange system capable of supporting the exchange of stablecoins, cryptocurrencies, and fiat currencies. As of today, Mint has deployed 155 fiat-backed tokens which can be used in 221 countries and territories, creating stablecoins for nearly every country in the world.
“We seek to enable everyone to be able to send money easily, affordably, instantly, and securely through a user experience that is seamless, efficient, and frictionless. We are doing this by creating a bridge between traditional financial markets and the emerging opportunities offered by blockchain and cryptocurrency technology,” according to FSHI Chairman Jack Ponce-Enrile.
“We believe in the potential of blockchain technologies to shape the future and revolutionize the global economy. Through Mint, we are mitigating concerns of short-term volatility and accelerating the adoption of blockchain worldwide. Price stability allows MintCoins to function as a global medium of exchange that can be used for everyday transactions, which is fundamental to driving mass adoption,” Ponce-Enrile adds.
FSHI firmly believes the Mint platform will bring immense value by letting individuals and businesses experience the best of both worlds as asset-backed MintCoins maintain the trust and stability that come with using fiat currency while leveraging the benefits of cryptocurrencies such as transparency, security, digital wallets, fast transactions, low fees, and privacy.
“Through our technology, we want to help unlock a plethora of benefits and use cases that can disrupt nearly every industry. Whether it’s cross-border payments or remittances, businesses looking for a more efficient means of exchange, or people in underbanked communities and countries, the Mint platform allows for real-world applications that solve real-world problems,” affirms by the company chairman.
More importantly, this comes at a critical point in time as we face the unprecedented pandemic and its tremendous impact on the economy, on businesses, and the way we live our daily lives. Cloudchain’s blockchain technology and Mint’s platform is especially relevant in a post-COVID-19 world where the ability to conduct business online will be paramount as we enter the new normal.
FSHI believes it creates a favorable environment for the crypto industry and could have possibly shortened the road to cross-border, electronic value transfers especially now that we are under a pandemic crisis.