What is "mintchip"

MintChip is a digital currency that provides the underlying system to facilitate the exchange of value between consumers and merchants in real-time. It was designed to reduce the cost and risk of financial transactions. This technology was created by the Royal Canadian Mint, backed by the Government of Canada and denominated in a variety of fiat currencies. The Royal Canadian Mint announced the MintChip project in 2012 and simultaneously launched the MintChip Challenge contest to encourage development of interesting uses for the MintChip. In January 2016, Loyalty Pays Holdings corporation - a wholly owned subsidiary of nanoPay, a fully integrated loyalty and payments platform provider, announced the acquisition of all assets related to MintChip.

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. MintChip is a digital replacement for cash linked to a country’s fiat currency. MintChip uses secure asset stores to move funds between parties without an intermediary and can process transactions both online and offline.