The modern financial industry is going through a transformation, and there is more and more talk about what kind of role cryptocurrencies will play in it.
We recently hosted a discussion with Alexander Mamasidikov, co-founder of MinePlex – a new-generation mobile digital bank that implements crypto in its services. The company has developed a unique CrossFi technology that allows it to bring closer the worlds of traditional finance and crypto.
During our talk, we covered some of the crucial developments that today’s financial system has to undergo to stay relevant and spoke of how MinePlex’s CrossFi solution can help drive that change.
– Give us a little background on MinePlex, its mission, and its goal
MinePlex is a multifunctional mobile platform offering individual and enterprise-level solutions to conduct financial operations with cryptocurrencies in a simple and straightforward manner.
Our mission is to expand the influence and presence of blockchain in the global financial system. To provide accessible and easy-to-understand tools that allow people to pay with crypto as seamlessly as they do with fiat, with but a single click of a button.
We have created an ecosystem of products built upon our own blockchain and using our own tokens – MINE and PLEX. At the foundation of the MinePlex ecosystem lies the CrossFi technology – a unique development that brings together the stability offered by traditional financial instruments with the security and transparency of the blockchain.
– Do you think that your CrossFi technology is enough to revolutionize the world of global payment networks? And if so, to what depth?
CrossFi (Cross Finance) is a new word in FinTech that we introduced. It is a sustainable, scalable, and globally applicable technological solution. But in order to understand why that is the case, one first needs to understand what this technology is about.
The CrossFi technology we developed is unique in its nature. It combines traditional financial instruments with blockchain to enable users of cryptocurrencies to employ them on a daily basis on equal grounds with fiat. It can be used to pay for goods and services directly and without intermediaries, reduce transaction time and fees, and conduct cross-border payments in an efficient manner.
For enterprises, CrossFi provides new tools: the ability to accept cryptocurrency payments, to use digital currencies within their infrastructure. It represents a chance for businesses to expand the audience of their active users by including the more technologically-inclined people who are into crypto today.
By bridging traditional finance with blockchain and cryptocurrencies, we create a system that allows our users to easily pay for products and services with crypto assets. Putting together the positive aspects of both industries allows us to push forward the development of a next-gen global financial ecosystem.
– Compared to traditional banking systems, how different is MinePlex and why should people start to adopt it?
The MinePlex team sets a goal of becoming a publicly available international financial service, taking up a leading position in the field of mobile crypto payments, and becoming a viable alternative to traditional banks.
To this end, we’ve developed MinePlex.Finance – an innovative digital account and payment app that combines aspects of traditional banking and neobanks. It differs from classic banking in a number of ways. In particular, with MinePlex.Finance there is no need to visit any physical location like you would with a bank branch.
Both your fiat and crypto-assets can be managed within our app, so there is no need to resort to working with multiple platforms. Users can access their accounts and manage all their financial needs from anywhere in the world, all they require is an Internet connection.
Another advantage of our system is that our clients can make use of their tokens alongside fiat currencies to pay for services at any place that has a card reader, as the MinePlex crypto card allows for the conversion of PLEX tokens into fiat.
– Do you think that the current developments in banking, relating to blockchain, are the right steps for the future?
History shows that banking evolves by introducing regulation when and where it is needed. With crypto and blockchain having proved by now that they are not going anywhere, we are seeing steps towards their adoption in the traditional financial system. But the progress in this direction is not happening quite as quickly as one could wish.
Blockchain implementation is something that is already required now. There is a global need to bring the financial spheres together and integrate them with one another as soon as possible. People need to be given tools for convenient and adequate use of cryptocurrencies in their everyday lives. A straightforward application with a user-friendly interface and comprehensive services – a solution like that is greatly desired right about now.
According to recent studies, the main reason that clients refuse to use or invest in a crypto is due to the lack of knowledge and understanding of how the crypto market works, rather than the risks and volatility that come with it. As a partial solution to that, we have created an understandable and convenient product that users don’t need any advanced knowledge to use – it simply works.
– What does CrossFi look like in the future of MinePlex and beyond?
The fundamental mission of MinePlex is to unite crypto and traditional banking to build a more advanced payment system. To this end, we constantly work on scaling our ecosystem and introducing new financial instruments. And CrossFi is a crucial element in all our developments.
We envision millions of crypto users being able to use their funds in a seamless manner, to buy goods for PLEX tokens at any place connected to our payment system. As for the B2B segment, our goal is to see hundreds of thousands of stores worldwide that operate on the MinePlex payment system. We are constantly looking into new opportunities for the usage of our token in different fields and our team consults companies on the benefits of integrating crypto into their infrastructures.
We believe that the digitalization of finance will continue as lawmakers and financial services put greater focus on meeting the needs of their consumers for faster and more flexible payment systems.
Our team has experience in integrating payment solutions across various organizations, from the government to e-commerce. We know what needs to be done in order to successfully apply our technology for everyday use and, step by step, we’re going about implementing our plans.