The Mint Corporation (TSX-V:MIT) (“Mint”) is pleased to announce that it has established a subsidiary called Mint Block Corp. (“Mint Block”) which intends to develop intellectual property and applications leveraging blockchain technology with Mint’s existing FinTech platform. To accelerate the development and speed to market of this subsidiary, Mint Block has entered into a memorandum of understanding to form a partnership with BLOCK512 LLC, a blockchain advisory company.
Mint Block will focus on enhancing Mint’s existing technology platform with blockchain technology, specifically around payroll, remittance, insurance and lending. Mint Block will also look at investing in, or partnering with, emerging blockchain technologies that want access to the large customer base that Mint already has.
“This is an exciting evolution for Mint. We are excited about the partnership with Block512 and the opportunity to develop accretive product offerings using blockchain technology and by leveraging our large customer base in the UAE” states Vishy Karamadam, CEO of The Mint Corporation.
Jeremy Drzal, Founder & CEO of BLOCK512 LLC has joined Mint Block as a strategic advisor. Jeremy has focused on enhancing legacy payment, fraud, risk and loyalty systems with emerging technologies to launch new products, programs and expand global markets. Jeremy’s experience spans many verticals including FinTech, RegTech, retail, smart cities, sports and entertainment across a network of clients and partners in over 50 countries.
“Mint could enable a new era of secure financial services leveraging blockchain for lower risk and cost while increasing security and efficiencies throughout the programs. It’s a unique opportunity to partner with an industry leader like Mint to bring this level of innovation through blockchain to the market.” says Jeremy Drzal, Founder and CEO of BLOCK512
About BLOCK512 LLC
BLOCK512™ is a platform agnostic consortium of experts providing Insights, Advisory, and Acceleration services for blockchain enabled solutions with viable business models. Founded in Austin, TX, and offices around the world, the BLOCK512 team of advisors bring the experience in architecture, solution design and launching token solutions through a range of strategic programs supporting marketing, operations, and go-to-market strategy for companies of all sizes. BLOCK512 brings a disciplined approach to our clients incorporating process, methodology, relationships, and intellectual property embedded in all that we do. Recent projects include advising CRYTPO20, the first tokenized crypto-index fund and the launch of the London Football Exchange (LFE).
For more information, visit the BLOCK512 website http://block512.com
The Mint Corporation (TSXV:MIT), through its majority owned subsidiaries (the “Mint Group”), is a globally certified payments company headquartered in Toronto, Canada with its primary business in Dubai, United Arab Emirates (UAE). The Mint Group is approved by the UAE Central Bank, Mastercard and UnionPay as a third-party payment processor. Mint processes over US$1 billion in payroll annually for hundreds of corporate clients and financial institutions and the Mint community consists of approximately 400,000 cardholders. Mint’s clients include some of the leading blue-chip companies in the UAE.
Mint provides employers with automated payroll services and a proprietary Automated Teller Machine (ATM) network for their unbanked employees. Mint community members are issued a personalized, globally accepted, MasterCard or UnionPay card and a linked mobile wallet, where their salaries are deposited. This mobile wallet effectively becomes the employee’s bank account.
Mint intends to offer a comprehensive suite of services through the mobile wallet, including remittance, overdraft, loans, mobile phone top-up, rewards, and insurance, among others. The mobile wallet enables unbanked employees to purchase services and spend through the wallet.
Forward looking Statements
This news release contains forward-looking statements. Forward-looking information include statements with respect to Mint Block’s intention to develop intellectual property and applications leveraging blockchain technology with Mint’s existing FinTech platform and Mint’s intention to offer certain services through the mobile wallet including overdrafts and loans. The forward-looking statements are based on certain expectations and assumptions made by Mint. Although Mint believes that those expectations and assumptions are reasonable, undue reliance should not be placed on the forward-looking statements because Mint can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those anticipated due to a number of factors and risks. The use of blockchain technology by the Mint Group will require modifications to Mint Group’s existing technology platform. Mint must obtain the expertise necessary for that purpose, modify its platform, complete testing and obtain regulatory approvals, prior to launching blockchain enabled services. The offering of overdrafts and loans by Mint will require regulatory approval in the UAE, the participation of a UAE licensed financial institution and modifications to the Mint technology platform and procedures. The forward-looking statements contained in this press release are made as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.