Mobile digital bank MinePlex has recently announced the launch of a new service called MinePlex.Finance - a new-generation payment solution and app that allows users to conduct their operations in the company’s own PLEX tokens and fiat currencies alike.
It is becoming more and more obvious that the existing international payments system is no longer enough to satisfy the demands of modern clients. People are turning to more progressive assets like cryptocurrencies in order to satisfy their needs.
Finance Magnates sat down for a talk with Alexander Mamasidikov, co-founder of MinePlex, to discuss the ever-evolving nature of payments and FinTech, as well as the place the company’s new platform will have in them.
How has your experience in the payments, FinTech, crypto, and banking space helped shape your portfolio and company development?
To give a bit of an overview of my professional history: I have spent over 12 years working in the fields of FinTech and digital banking and my experiences with crypto and blockchain companies have been going on since 2015. It was around that time that I became interested in the idea of integrating crypto and blockchain technology into traditional financial systems and institutions.
Two years ago, together with several partners, I began creating MinePlex, a mobile digital bank that is meant to allow its users to use crypto and fiat assets alike to conduct transfers, banking operations, buy a wide range of products, etc.
Today we are actively developing the MinePlex ecosystem, thanks to which users can open multi-currency bank accounts, make transactions using various currencies, order delivery of physical and digital MinePlex cards and much more. It is our belief that by combining the positive features of traditional banking and neobanks, MinePlex will help people make cryptocurrency an integral part of their lives.
What does it take to succeed in the FinTech industry?
The FinTech industry makes for a highly competitive environment, and the basis of success here lies in creating unique innovative products that can make the lives of your clients easier.
At MinePlex we arrived at CrossFi technology as our answer – it is a technology that combines the stability of traditional financial instruments with the security and transparency of blockchain. We are convinced that by bridging traditional finance and cryptocurrencies and bringing together the positive aspects of both, we can push forward the usage of crypto in everyday lives and transform the global financial ecosystem on a fundamental level.
You’ve mentioned CrossFi technology – can you elaborate on what it does?
CrossFinance is a new word in FinTech that we introduced. By bridging the banking and crypto industries, we create a matrix that allows our clients to pay for a product with crypto with ease. Based on CrossFi technology, MinePlex has its own blockchain and tokens that are employed on the platform to provide users with a comprehensive financial experience.
It is our belief that cryptocurrencies are here to stay, and while there is still a lot of uncertainty in how to integrate them in traditional finances, we are already seeing a lot of interest from countries worldwide as they put more and more effort into researching ways of making crypto a part of their economies.
So what is MinePlex, exactly? What is your core mission and how do you go about fulfilling it?
MinePlex is a multifunctional, one-stop shop platform offering solutions for individuals and companies alike. Our tools can be used by anyone to conduct financial operations without having to worry about complex technology that is behind the workings of it all.
The mission of MinePlex is to expand the influence of blockchain in global finance. To provide accessible, understandable, and simple financial tools that will allow people to make use of crypto as easily as they do with fiat currencies.
Our team consists of over 50 professionals from various fields of the financial and crypto industries. At MinePlex we have created an ecosystem of various products which includes our own blockchain blockchain with the operation of MINE and PLEX tokens, wallet, payment system, marketplace, explorer, dashboard and banking service.
There are four core products that make up the ecosystem that we are developing:
MinePlex.Money – an electronic payment system, which will allow users to pay for purchases, make transfers, and so on. It works similarly to a usual electronic wallet and can be used for acquiring all kinds of goods and services – tickets to events, rental services, ordering a taxi, buying goods online, and much more.
MinePlex.Payment - the company’s own acquiring platform. A tool for business development and the introduction of cryptocurrency payments. It allows for transactions in major cryptocurrencies and PLEX tokens directly, without converting to fiat and involving third-party organizations.
MinePlex.Marketplace – an online store that we are developing with a wide partner network and expansive assortment of goods, from household appliances and kitchenware to computers and gadgets. Payments on the platform are conducted with PLEX tokens, with instant settlements being possible regardless of the region where buyers and sellers are located.
Now we have also introduced MinePlex.Finance - a new-generation digital bank that introduces blockchain advantages to traditional banking services.
Can you explain a bit more about MinePlex.Finance? You’ve launched this service just recently. What place does it hold in your ecosystem?
MinePlex.Finance is an innovative digital account and payment app that combines aspects of traditional banking and neobanks. It is different from a traditional bank in many ways, not the least of which is that we’ve eliminated the need to visit a bank branch physically. Nor do you require multiple separate platforms to manage your fiat and crypto assets.
MinePlex.Finance can be used as a digital account, a payment app, or a mobile wallet for digital currencies. Based on a bank account or a MinePlex card, you can open accounts in fiat and PLEX tokens, store your money, make transfers, etc. All your financial needs can be taken care of within the framework of our application.
By installing MinePlex.Finance, users get to enjoy a number of benefits, such as creating multi-currency bank accounts in their own smartphones, and be their sole managers, with no third parties involved. A user can access their account instantly from anywhere in the world and manage all their assets within the same platform.
How is MinePlex adapting to a changing industry and in what ways does it stand out from the competition?
What makes us stand out is that we have created a product that has the biggest demand in the market today and will continue to do so tomorrow. Now is a difficult time, we have witnessed how, due to the global geopolitical clashes, an average person cannot use “their” funds.
They have no way to send or receive money, pay for the necessary services. In fact, fiat money never belongs to people, as it is controlled by governments. However, as we have seen, parts of the cryptocurrency world have also been exposed to the current political situation: users of different platforms have had their accounts frozen for unknown periods of time.
At MinePlex, we have created the tools to ensure that users themselves are the complete and sole owners of their digital assets. Being able to manage your funds anywhere in the world, in any situation - this is the mission, the strategy, and the distinction that we set for ourselves.
What are MinePlex future goals? Are there any developments in the pipeline for the company this year?
Our immediate strategy is to scale the MinePlex ecosystem and introduce new financial instruments for crypto users. Our fundamental long-term goal is to unite the payment space of crypto and traditional banking.
When we first set out with MinePlex, we asked ourselves a single question: how can we help crypto users? Above all, we want to enable 300 million cryptocurrency holders worldwide to use their funds in a seamless manner, so that they can send, receive, and spend their money at will.
As such, our team is constantly looking into new opportunities for the usage of our PLEX token in many different fields. MinePlex consults various companies on the benefits of integrating cryptocurrencies into their infrastructures.
We also see the potential in bringing our solution to governments as they continue to ponder the possibility of introducing state cryptocurrencies.
Developments of such nature require a blockchain system at their foundation and MinePlex already has a ready-made solution that we can offer. Our team has experience in integrating payment solutions within governmental frameworks and e-commerce alike - we know how to go about applying our PLEX token for everyday use.
We’re going about our plans in a progressive manner, doing things step by step, rather than all at once. The project lives and grows, and we have more developments to cover in 2022.
