Multi-custodial structure is how we refer to our network of banking partners that interface between Fiat money and the blockchain. Instead of relying on a single bank, Public Mint is building a network of custodial partners spread across different jurisdictions and currencies. This has three main advantages:
It makes the system more resilient by avoiding a single point of failure. Should one bank interrupt services (be it due to technical problems or whatever other reason), Public Mint maintains business as usual.
Partners in multiple geographies widen the window of time in which Fiat deposits and withdrawals can be made, as they may operate in different time zones.
Finally, having custodians in multiple jurisdictions enables on- and off-ramps for several currencies to be easily integrated in the network, and protects users’ funds from sudden political or regulatory swings in any particular country.
The multi-custodial structure is a consortium of banks and regulated custodial entities that offer real transparency and live auditing, and a connection to legacy and banking rails. This is fundamental in enabling the stable chain that allows any blockchain, asset or token to gain fiat-connectivity.