Former Director of the US Department of the Treasury’s Bureau of Engraving and Printing (BEP) Larry Felix and Bitcoin Foundation Founding Chairman Peter Vessenes today announced a new project to create Bitcoin-backed banknotes through their co-venture, Noteworthy.
As the CEO of Noteworthy, Mr. Felix will oversee the design, development, and launch of the banknotes. “I am thrilled to lead this transformative project,” he said. “A physical banknote provides a level of trust, familiarity, and accessibility that digital assets on their own have yet to achieve. I look forward to working with the Noteworthy team to create a beautifully designed, easy-to-use, counterfeit-resistant banknote of the highest quality.”
Noteworthy’s physical cryptocurrency banknote marries the utility and security from the paper money, digital asset, and blockchain industries. Equipped with a secure cryptographic microprocessor, and utilizing all of the banknote industry’s highest security features, Noteworthy notes will look and feel like top-of-the-line currency while providing the highest grade of digital security directly embedded in each note. Users will be able to interact with the notes through Noteworthy’s mobile app, further bridging the gap between the physical and digital.
Noteworthy has enlisted Manuela Pfrunder, the designer of the ninth series Swiss Franc and 2016 winner of the IBNS Banknote of the Year, as Chief Design Officer and Edmund Moy, 38th Director of the US Mint as an advisor. With design at the forefront of the project, Noteworthy has additionally partnered with renowned banknote image engraver, Thomas Hipschen, to assist with the portrait components of the note. Hispschen, who has engraved over 130 U.S. postage and revenue stamps as well as the portraits of Benjamin Franklin, Ulysses S. Grant, Andrew S. Jackson, and Abraham Lincoln on the current $100, $50, $20, and $5 US banknotes, has come out of retirement to join Noteworthy.
“I think of this project as ‘Bitcoin has hired the world’s best banknote team,’” said Peter Vessenes. “When I started working in Bitcoin, 1 BTC was worth less than $0.0005. Today we’re discussing a $50,000 banknote. That’s an incredible thing and I’m super excited that Larry, Manuela, and Thomas are bringing it to life!”