SOURCE: Mina Cryptographic Services Inc.
TORONTO, ON--(Marketwired - May 6, 2014) - Mina Cryptographic Services Inc. (subsidiary to Mina Equity Inc.), a Toronto-based tech company, today announces the release of a next-generation crypto-currency named "Mina." The company has closed its first private placement to fund $21 million Mina coins. The added twist, and what makes this virtual currency different from competitors such as Bitcoin, is that upon purchasing Mina, a client gets added as a discretionary beneficiary to an express trust which manages a pool of gold bullion held in reserve to support the currency's value.
This property transfer is symbolic but legally binding, and results from the parent corporation acting as a settlor and making a gift of gold into the trust. The gold cannot be withdrawn, however, it is held partially for the benefit of whosoever is in possession of traded Mina. MCS' business model is to profit off of transactions costs when clients buy or sell the currency through its exchange, and it does not assess any management, performance, or other sort of fee reminiscent of financial institutions. Additional terms and conditions apply.
"One distinguishing feature of this venture, and more broadly our organization, is our emphasis on transparency," says David Gallo, co-founder of Mina Cryptographic Services Inc. "To this end, we have retained the counsel of KPMG, a globally recognized consulting firm."
MCS is committed to upholding regulations and operating in compliance with all relevant statutes. It uses an industry-leading verification system to confirm its customers' identities. The company, as required by law, reports any transaction in excess of $10,000 immediately to the FINTRAC for further investigation and audit. In addition, MCS has introduced a sophisticated proprietary monitoring system to detect suspicious activity on its networks, and proactively report any evidence it encounters to the government to ensure a healthy working relationship with regulators as part of its going concern sustainability strategy.
"Throughout the last few years Bitcoin and its competitors in the market have opened people's eyes to the benefits of crypto-currencies and financial transactions through a decentralized network, but not without major hurdles," said Melvin Ng, co-founder of Mina Cryptographic Services, Inc. "With the combination of Bitcoin technology and Mina gold bullion, we envision bringing together the best of both the old and new worlds to solve the largest problems associated with previous crypto-currencies."
MCS is determined to further solidify the underlying benefits of Bitcoin technology, and is looking forward to working with forward thinking investors, and technology enthusiasts alike.
To learn more about Minacoin, please visit www.minacoin.com.