As announced in our broader post today, Tritum, under its Digital Issuance arm has established its new non-security tokenization product line, Mintt.
Tritum strives to build institutional quality products capable of being used by all facets of the digital asset industry. This includes the existing plethora of exchanges, both centralized and decentralized, novel new concepts such as “DeFi” (decentralized finance) and more interesting use cases within the digital asset ecosystem.
We are also focused on making our tools an underlying vehicle to provide innovative improvement in broad arrays of general fintech where digital ledger technology provides measurable advancement in the delivery of services but DLT itself may not be visible.
Our goal is to deliver solutions that function seamlessly and works as well as or better than what exists today.
With those goals in mind, bringing Mintt to market drives forward friction-reduced transportation of value in traditional instruments, such as currencies. Relatable, and relevant for everyone, the tokenization of currencies, can allow for a multitude of use cases such as global 24/7 payment, receipt, or programmable finance to modernize markets.
In designing our tokenization concept, Tritum recognized the capability of BlockX Labs as leader in digital ledger technology development, and also located in our HQ city, Toronto. Mintt was designed in partnership with BlockX, including key improvements from their substantial experience in on-chain product design, and built by their fantastic team of blockchain developers. We believe the Mintt token suite will quickly prove itself a leader in its class.
After much evaluation of the existing tokenized currency and stablecoin market, and with BlockX CEO Chinmay Patel’s influential input, we observed that one of the biggest needs in the market was the ability to later modify the code of a token’s smart contract. The ability to future proof against regulatory, competitive, and other demands for new functionality is critical to delivering a long lived, asset representation product. The digital asset ecosystem is still dynamic and may require the insertion of numerous upgrades to keep tokens safe, or legally compliant. Tokens which cannot be upgraded, which the majority of all tokens currently are, can mean a volatile future with respect to potential token swaps, or any number of scenarios which may cause untold headaches.
Our first branch of tokenization capabilities is built on Ethereum, as ERC-20 standard compatible tokens with upgradeability built in.
In association with the robust token construction, Tritum’s team of securities industry veterans has worked tirelessly to design and implement a secure real asset management platform to ensure all represented assets are safely custodied, with the fullest possible transparency, and auditability.
As the first Mintt product, we are thrilled to announce the launch of our tokenized Brazilian Real. Our tokenized representation of the Brazilian Real, issued on a 1 to 1 basis, under the ticker BRLM, will be named BRMint. We strongly believe that tokenizing the Brazilian Real, will quickly enable local and international users of that currency to free themselves of the high friction, high cost processes of currency transmission both domestically and internationally. We believe this can kickstart opportunities for remittance and other traditional fiat based transfers of funds into and out of Brazil with zero currency volatility.
BRMint will initially be kick started with distribution via Bolsa Cripto, a digital asset exchange launching in partnership with Tritum Advisory’s guidance to serve the Brazilian domestic market. We look forward to integrating BRMint into subsequent services including payment providers, wallets, and international exchanges to improve liquidity into and out of Brazilian markets.