A Toronto-based payments company that bought the Royal Canadian Mint’s digital-cash platform and that is backed by a former economic adviser to U.S. President Donald Trump is now interested in acquiring a banking licence.
Recent notices in the Canada Gazette show Nanopay Holdings Inc. plans on applying to the Minister of Finance for a legal instrument, letters patent, needed to incorporate a bank in Canada. Nanopay’s bank would do business as “Payments Bank,” the announcement says, and its head office would be in Toronto.
Nanopay was founded in 2013 by former telecom executive Laurence Cooke. In 2016, it was announced the company bought MintChip, a digital-payment technology developed by the Royal Canadian Mint, for an undisclosed sum.
Since then, Nanopay has been pushing businesses and banks on payment and liquidity-management products that are built on the company’s “hybrid blockchain” technology. Nanopay also continues to eye opportunities to provide digital currency for central banks, such as the Bank of Canada, which has considered the idea.