YAP Exchange is a cryptocurrency and foreign currency exchange counter based in the heart of the Old Port in Montréal, Canada.
The company was first created by two experienced pioneers of the cryptospace. Their desire was to show that digital currencies and traditional ones could coexist in a regulated environment.
Founded in 2016 as Échange de Montréal, the company's purpose has been to make cryptocurrencies more accessible to the public, so everyone can easily, safely and locally buy and sell cryptocurrencies.
But, our mission has always been greater than that. We strive to educate people and empower them through a technology that we all believe is revolutionary.
Have you ever heard about these small islands of the Pacific Ocean who have a peculiar monetary system?
The Micronesian Yap Islands are located in between Guam and The Philippines
Yap is a tiny group of islands located in Micronesia, famous for having the largest and heaviest currency in the world.
The Yapese people would never use gold or silver as a store of value.
Their centuries old tradition was, and still is to this day, to exchange large disks, carved out of limestone, as payment for goods and services.
All transactions from person to person would always be written and kept in records.
A stone would keep its value as long as it was used by its legitimate owner, making any attempt to steal it pointless.
Economists often refer to this unusual monetary system to define money - a mean of payment with a value that people trust.
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"Rai" stones were the official currency of ancient Yap Island civilization