Data Mynt Native Token #WeAcceptCrypto

Built to incentivize on-chain business banking & payments.

Updated 2022


The Data Mynt token enables and incentivizes the adoption of on-chain business banking and payments.

Existing banking cripples business. Businesses across the Global South are hindered by many infrastructural challenges, including currency weakness, multiple exchange rates, black and gray markets, lack of education and technology, lack of financing, among many other things.

These same businesses are plagued with cross border payment issues and higher transactions costs because of the number of intermediaries involved in transferring money from one country to another. For most transactions, settlement time takes between 3 and 7 days to settle and be available. Trade financing payments take even longer.

However, decentralized finance unlocks opportunities restricted by the current financial systems. For example, financial access to anyone with an internet connection, which opens up the playing field to markets previously out of reach. Additionally, decentralized finance enables access to liquidity and transactions to be more secure and faster than traditional methods, meaning people can complete transactions with greater efficiency and fewer risks.

Data Mynt is the first on-chain business banking platform covering end-to-end payments, multi-currency stablecoin wallets, issued cards, liquitiy, loans and trade financing while operating in local or other preferred currency and rate.

A New but Radically Simpler World!

By utilizing decentralized finance, smart contracts, digital wallets, and digital assets, Data Mynt boosts business to reach their potential in the fastest growing economies on earth.

Data Mynt businesses gain an alternative form of banking on their terms and the tools to leverage the on-chain value that makes legacy financial infrastructure, networks and payment processors not competitive.

The Promise of Decentralized Banking Services in the Age of Globalization

In an increasingly digital, remote, globalized, and borderless world, the current financial system isn’t good enough. One way to fundamentally rebuild banking-like services to support the modern global society, especially in the Global South, is to create a more secure and transparent system for finance. Bitcoin’s creation in 2008 opened a floodgate of possibilities and incredible real-life use cases for blockchain technology.

Enter decentralized financial services. Now, trustless, smart contract-based services built on scalable blockchains with proven stablecoins have emerged as viable building blocks to level the playing field and unlock unlocking opportunities restricted by monopolies in the Global North.

Decentralized finance increases security, transparency and privacy as transactions are recorded on a distributed, public ledger that is not owned, hidden or controlled by any single party, contrary to current practices in traditional financial infrastructure. Unlike a traditional bank that lends out your assets according to their risk profile and without your approval or agreement, decentralized financial applications give you full view of your assets at any time. Blockchain technology enables all parties in the transaction to have a safe and direct connection and improved transparency over the entire process. Your keys, your crypto.

Another key benefit of decentralized banking in the context of globalization is that it can help level the playing field for businesses regardless of country they are physically located in, allowing citizens of all nations have access to the same modern financial services. This means that those living in emerging or under-developed nations can access faster, more valuable services that substantially reduce the costs associated with cross border payments and transactions, eliminate expensive middlemen like banks (e.g. correspondent, issuing and acquiring), and payment processors.

Paving the Road to Financial Inclusion

Decentralized banking promotes financial inclusion among individuals and businesses by enabling access to better financial services and services not currently available such as liquidity or financing.

The IFC maintains that over 65 million businesses in emerging market need $5.1T in financing to develop and support their business. We see on-chain solutions as the key to filling this need.

Also, a recent Brookings report on cryptocurrency in sub-Saharan Africa showed that, between July 2020 and June 2021, Africans received over $105 billion of on-chain payments — an increase of 1200% from the year before.

Now, the last-mile application layer to do business on-chain remains.

Enter Data Mynt.

Data Mynt

Data Mynt’s blockchain-based banking platform offers a better alternative that evens the playing field and breaks the glass ceiling for business in the fastest growing markets around the world.

Through Data Mynt, businesses — with only an internet connection today — have the tools to start and grow a business, get paid by and pay anyone anywhere on familiar terms, take a loan, spend your money, and preserve your purchasing power.

Data Mynt simplifies banking and eliminates the inefficiencies and excesses of a intermediaries held captive by legacy tech and monopolies for far too long.

Data Mynt is quickly becoming the banking alternative option for millions of businesses.

Data Mynt Native Token

Data Mynt’s native token is the glue in the flywheel, incentivizing and rewarding the transition from traditional services.

With Data Mynt token, businesses receive a number of benefits including:
-Fee free payment processing
-Tokens for referrals;
-Tokens for becoming an Agent
-Fee free global payments
-Ability to reward power customers

And some of the benefits that Consumers receive:
-Discounts of purchases at Data Mynt businesses
-Staking rewards
-Use as a form of payment

Data Mynt plans to use 10% of profits to either buy back and burn Data Mynt tokens annually, thereby reducing the overall circulating supply of Data Mynt tokens, or redistribute the 10% profits to the token and Data Mynt community.

Data Mynt addresses the most significant challenges that businesses face in adopting on-chain business banking and payments:

Token Information

There were 8,000,000,000 Data Mynt tokens ($BYOB ticker) created at the token genesis event.

100% of the initial amount of the token will be allocated or sold up from the cap of 8,000,000,000.

Token Allocation

  • 40% to customer incentives and marketing
  • 20% to Pre-Sale Investors, with a lock period and vest schedule
  • 5% for Public listing
  • 15% to early team members, with a lock period and a vest schedule
  • 5% for emergency reserve purposes
  • 10% for liquidity provisions and staking
  • 5% to develop, build, and maintain the Data Mynt services

Early team tokens will be locked initially and then unlocked for the duration of vest. If, for any reason, a founder or employee ceases to be with the company during their vesting period, all vesting will cease, and the unvested token will be returned to the build, loyalty, and insurance pools. Any unsold tokens from auctions will also be returned to the build, loyalty, and insurance pools.

Investor tokens will be locked initially, and then will be unlocked in equal measure throughout the 24 month vest period.

Product progress, token listing, and assets accepted will be listed on the project’s website and social channels.

Token Utility

Data Mynt’s native token highlights our mission: to allow businesses a new form of permissionless banking: “Be Your Own Bank” or BYOB. To this end, the token will be used to incentivize activity that the Data Mynt ecosystem drives in the form of incentives for businesses and consumers to leverage on-chain tools when doing business.

Use Cases for Data Mynt token:

Payment Token
Consumers may use Data Mynt token be used to purchase goods and services at Data Mynt business locations a local currency equivalent rate (e.g. $NGN). Token may also be used to pay Data Mynt service fees.

Discount Token
Consumers who hold and stake a certain amount of token receive a discount (e.g. 20%) off a purchase price at a Data Mynt business using their on-chain assets. Data Mynt businesses will receive a discount on payment processing fees for holding and staking tokens (E.g. 0% payment processing fees).

Loyalty Token
Businesses who using on-chain assets to make payments, counterparties who receive on-chain assets as payment, and consumers who make purchases using on-chain assets at participating Data Mynt business locations may receive a rebate based on a number of fly wheel or network effect factors. This rebate will be streamed to the customer’s Data Mynt wallet.

Commerce and Intermediary Settlement Token
Data Mynt token may be exchanged for other cryptocurrencies and fiat on major centralized and decentralized exchanges.

In the future, Data Mynt will power a decentralized marketplace — a business to business mixed with peer-to-peer marketplace where users are rewarded for listing, validating, and exchanging goods, services and cryptocurrencies, and where Data Mynt banking and payments is native and the token may be used as one of the key base currencies. In this decentralized marketplace, Data Mynt token may also be used for intermediary currency settlement across various assets, such as USDC/USDT/ETH. Users can also utilize the decentralized marketplace to exchange Data Mynt tokens for any products, goods, services and tokens listed.

Staking Token
Data Mynt tokens may also be used to earn yield in the form of transaction, listing, delivery, and trading fees from Data Mynt services including the decentralized marketplace. Earning fees discounts requires a user to add or stake liquidity to pools on the platform. A liquidity pool is a combination of cryptocurrency that is locked in a smart contract which results in creating liquidity for transactions and platforms. In return for locking up cryptocurrency to provide liquidity for transactions, liquidity providers are rewarded with a portion of transaction fees that occur on the platform during that time.

  • Providing liquidity — When liquidity providers add to a pool, they typically receive newly minted liquidity tokens entitling them to their proportion of the total pool as well as a percent fee generated from each transaction. These tokens are not speculative and simply keep track of how much of the pool is owed to a liquidity provider.
  • Removing liquidity — liquidity can be removed, and fees rewarded will be automatically distributed to users who remove their liquidity.

The use cases for the Data Mynt token vary across different types of activity in the Data Mynt ecosystem. As we continue to build out the Data Mynt ecosystem, we see expanding the use cases for the Data Mynt token as a crucial part of this process.

Architecture Diagram

Real World Use Cases of the Traditional and Data Mynt Services

To better understand the vision of the Data Mynt business banking and payments ecosystem, and the advantages of the Data Mynt token, we will provide and compare several examples of economic activity inside and outside of Data Mynt.

Example 1 — Traditional B2C Payments Model

In this example, Rufus wants to buy 12 $NGN worth of food from a small store in Lagos. The store owner accepts cash payments or card payments. Rufus opts to pay with a credit card. In order to accept a credit card payment, the store needs to account for a 3% credit card processing fee — they can either pass this cost along to the customer (making the net price $12.36), or they can pay the 3% fee on their end (making the net received money $11.64). While a 3% fee seems small in this transaction, it aggregates to large amounts over the course of months and years across. Overall, this 3% fee is a net loss for both the customer and the business.

Hidden costs of cards such as transaction fail rates top 70% in some markets in addition to the high costs of chargebacks and fraud born by the merchant (up to $200 per transaction).

If, on the other hand, Rufus is using a card to make a purchase in another country, say Kenya, then Rufus would be subject to a $20USD equivalent daily limit on card purchases due to capital controls, forced to use the bank exchange rate paying effectively 50% more on the purchased item, and charged 3% for a foreign transaction fee.

If paying in cash, then Rufus pays the black market rate and the business may pay its suppliers in cash or deposit at the bank rate thereby losing 30–50% immediately.

Example 2— Version 1 On-Chain B2C Payments Model

In this example, Rufus now wants to buy $18 NGN worth of groceries from a small store. The store owner and allows customers to pay in Bitcoin, if they would like; Rufus opts for this. At checkout, Rufus transfers $18 worth of Bitcoin from his wallet to the store’s wallet. However, when the owner of the store tries to exchange this Bitcoin for a stablecoin or $NGN at the end of the day or week for a percent fee and then exchange to fiat for another fee, the price of Bitcoin had fallen by 9%. Instead of having $18 worth of BTC in his wallet, he only has $16.38 NGN worth of BTC; a small change, but one that can make a large difference if many customers opt to pay in BTC then exchange and settle in fiat.

Solution — Data Mynt Point of Sale

In this example, the small store instead becomes a Data Mynt customer and settles in their currency of choice (e.g. USD) to preserve their purchasing power and pays no fees if they’ve staked Data Mynt token.

In another example, Martina is wanting to pay for coffee and breakfast from a local cafe. The cafe’s owner has set up a Data Mynt account, allowing the cafe to receive payments on-chain. Martina is a cryptocurrency enthusiast, so she opts to pay for her breakfast — which costs 9 Kenyan Shillings — using DOGE. Martina opens her preferred cryptocurrency wallet app, and scans the cafe’s QR code to pay in DOGE. Because the cafe is using Data Mynt, Martina pays the network fees and the cafe pays 1% fee to receive payment or 0% fees if holding and staking Data Mynt token. No extra fees. The payment is automatically converted from DOGE into the businesses currency of choice to preserve their purchasing power, meaning the cafe can cash it out whenever they want for 9 USD, Euros or Shillings equivalent — purchasing power preserved with no price fluctuations, no lost revenue.

Example 3 — Traditional B2B Invoicing and Payments Model

In this example, a car dealer in Mexico needs to pay his supplier in China. The auto dealer must find a bank that supports the amount, currency and counterparty country to send. The payment amount is limited with poor exchange rate, fees, no progress or updates, and up to 30 days to process the transaction end to end.

Solution: Data Mynt’s Multi-Currency Invoicing

Mexican car dealer simply deposits $MXN in to their Data Mynt wallet, which settles in currency of choice e.g. USD or MXN and then pays their supplier in China in $USDT or in CNY equivalent. The supplier receives also Data Mynt token for accepting the transaction and also opening a Data Mynt account where available

Example 4 — Traditional business lending

Friends and family or scale back operations.

Solution— Data Mynt Short Term Loans, Trade Financing & Invoice Factoring

Development History

Data Mynt has seen rapid progress from data inception until now, with the speed of development expected to increase as the team size grows. Below is an abbreviated outline of the history of Data Mynt’s native token development until now.

Q1 2021 — Idea inception, initial build began

Q2 2021 — Data Mynt token (BYOB) ERC-20 Genesis Event

Q3 2021 — Token audit, staking vault audit, and contract launch

Q4 2021 — Launch of webapp and online checkout tools on Ethereum Mainnet and Polygon

Q2 2022 — Initial launch of Data Mynt business banking and payments Android and iOS mobile apps

Q3/4 — Onboarded over 2,000 active businesses across Nigeria, Kenya, Mexico and Philippines. Processed over $20m in deposits & payment volume.

Team and Organization

The Data Mynt management team has a strong background in blockchain and payments spaces, with combined 30+ years of experience executing and building across engineering, product, partnerships, compliance, and operations. Data Mynt’s Founders, Alex Christian and Shivam Chaturvedi, have previously delivered innovations with popular brands including Western Union and eBay, and successful startups and blockchain / cryptocurrency companies like YWeb3 Foundation, Cere Network, Transac, and Metal Pay. This experience speaks to just how well of a fit the Data Mynt team is for their business model, with solid representation from the payments, cryptocurrency, and e-commerce industries.


Certain matters discussed in this document address the potential future performance of Data Mynt, including, without limitation, the future strategies and prospects of Data Mynt token or Data Mynt, Inc. All statements that are not purely historical constitute “forward-looking statements”. Such forward-looking statements are subject to substantial risks and uncertainties which could cause actual results to differ materially from those anticipated and/or outlined herein. Such statements are based on beliefs, as well as assumptions, made by, and information currently available to,’ the Data Mynt team. When used herein, the words such as “anticipate,” “intend,” “estimate,” “believe,” “expect,” “should,” “potential,” “forecast,” “project,” and any variations of such words and similar expressions are intended to identify forward-looking statements. Readers are cautioned not to, and they may not, rely on these forward-looking statements in making any personal decisions, financial or otherwise.

Data Mynt token are functional utility tokens within the Data Mynt protocol, which is a fully functional protocol with a digital currency wallet. Data Mynt token is not intended to be securities. Data Mynt token is not refundable. Data Mynt token is not for speculative investment. No promises of future performance or value are or will be made with respect to Data Mynt token, including no promise of inherent value, no promise of continuing payments, and no guarantee that Data Mynt token will hold any particular value. Data Mynt token is provisioned and sold as a functional good and all proceeds received by the Company may be spent freely by the Company absent any conditions. No person should obtain Data Mynt token with investment intent or with an expectation of profits. Only those who intend to use Data Mynt token in connection with the Data Mynt network protocol should obtain Data Mynt token.

Data Mynt token intends to operate in full compliance with applicable laws and regulations, but licenses and approvals are not assured in all jurisdictions.

This white paper contains data and references obtained from third-party sources. While management believes that the data is accurate and reliable, they have not been subject to an independent audit, verification or analysis by any professional legal, accounting, engineering, or financial advisor. There is no assurance as to the accuracy, reliability, or completeness of the data.

This material is for informational purposes only and is not intended to be used as the basis of an investment decision or as legal, accounting or tax advice. This material is not an offer or the solicitation of an offer to sell or buy Data Mynt token. We do not guarantee that the information herein is accurate or complete. The material presented reflects information known to the authors at this time. This communication is subject to change without notice.



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