Crypto Bank MinePlex Secures $100M Funding from GEM, Plans to Formulate New Banking Technologies

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by Tolu Ajiboye · 3 min read
Crypto Bank MinePlex Secures $100M Funding from GEM, Plans to Formulate New Banking Technologies
Photo: Mineplex Banking / Facebook

MinePlex says its new funding will be channeled toward steepening its operational endeavors and growing its visibility globally.

Crypto and digital bank MinePlex recently secured $100 million in funding from digital asset investment firm GEM Digital Limited (GEM). MinePlex’s latest funding will go towards formulating new banking technologies. These endeavors also reportedly include a collaborative effort with payment giants Mastercard and Visa for crypto transactions.

As part of the fundraising, MinePlex will also list its native PLEX token on new exchanges. This is to consolidate already existing marketing efforts and intensify the development of B2B and B2G opportunities. Additionally, MinePlex also seeks to promote partnerships with financial institutions.

Commenting on MinePlex’s funding development with GEM, the crypto bank’s co-founder and CEO, Aleksandr Mamasidikov, describes it as a “new chapter”. In Mamasidikov’s opinion, the development demonstrates MinePlex’s broader agenda of addressing the problem of financial isolation faced by millions across the globe. He also sees this as an opportunity for his platform to utilize and showcase new technology harnessed. He said:

“This investment commitment will accelerate the scaling of the MinePlex ecosystem and the development of new-generation financial instruments based on our own blockchain. We are really proud to work with GEM”.

MinePlex Funding to Facilitate Bridging Gap Between Crypto & Traditional Banking

In a press release, MinePlex revealed that the $100 million capital from GEM also comes with a new-generation digital ecosystem. In the mobile crypto bank’s opinion, providing resources and funding will help close the gap between digital assets and traditional banking. As MinePlex put it:

“The funding will be used to advance global penetration of the MinePlex ecosystem and the development of new banking technologies. MinePlex Banking — the company’s flagship product — will soon enable millions of users to make fast and safe digital transactions through the use of bank cards, mobile applications, and cryptocurrencies.”

MinePlex already has a well-documented string of efforts geared toward bringing digital assets and traditional banking services together. For instance, in April this year, the crypto bank launched a CrossFi service called MinePlex.Finance to further this cause. MinePlex Finance seeks to bridge digital assets with leading fiat currencies and allows users to perform a host of pertinent executions. These include making transfers, storing digital assets, and spending funds. To build on this initiative, MinePlex also seeks to begin CrossFi acquiring through collaboration with Mastercard and Visa cards later this year. This scheme would result in the acceptance of popular stablecoins and crypto such as Bitcoin (BTC), Ether (ETH), Tether (USDT), and TRON tokens. A statement in MinePlex’s press release, further addresses the MasterCard-Visa initiative, explaining that “the on-ramps will be available online and through POS terminals based on MinePlex’s processing platform, certified by PCI DSS Level 1. MinePlex is also optimizing its card issuing program to add international multi-card support and different payment methods to the MinePlex wallet.”

The MinePlex Outlook

According to MinePlex, it has already processed over five million cards across 50 banks in Russia, Europe, and Asia. It also intends to obtain a banking license and principal membership with the MasterCard International payment system. Furthermore, the company looks to establish new offices in Australia, Brazil, India, and South Africa. This will join a growing list of already existing offices in Barcelona, Dubai, Uruguay, and Singapore.

Altcoin News, Blockchain News, Cryptocurrency News, FinTech News, News
Tolu Ajiboye
Author Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

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