BlogMay, 2021

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Ins and Outs of MinePlex - The Mobile Crypto Bank

MinePlex harnesses the power of crypto by putting a crypto bank right onto your mobile. It’s a fascinating piece of blockchain technology that is spinning the traditional banking system on its head. It is in its initial phases, just introduced in late 2020 but has a great roadmap in place to become a complete crypto banking solution and has quickly made waves around the world. 

This article will cover the ins and outs of MinePlex and everything you’d need to know about this CrossFi Crypto Bank. 

What Is MinePlex?

MinePlex is the latest generation mobile crypto bank that has its own blockchain and native token. It smoothly combines the stability and liquidity of traditional banking instruments to more secure and transparent blockchain technology. Its true essence takes away from the banking instruments their shortcomings.

The platform offers a complete banking experience backed with crypto blockchain technology. With MinePlex Banking users can incorporate cryptocurrency in their daily transactions. Functionalities such as paying for utilities, bills, clothes, goods, groceries will become an everyday possibility. Users can also issue payrolls, take loans, save and grow assets. MinePlex aims to integrate blockchain’s influence in real-life events to encourage its mass adoption. 

According to MinePlex CMO, Alexandr Mamasidikov, “In fact, we have created a new industry that erased the borders between cryptocurrencies and traditional financial assets. Now our users can buy and sell cryptocurrencies, or pay for everyday purchases by using the mobile crypto bank. And all of this is possible on the single platform” 

How MinePlex Works?

MinePlex works with 2 native tokens:

 1. MINE
 2. PLEX

MINE token is non-volatile and has a fixed value, users will use MINE to access the system’s services. 

PLEX token is subjected to predictable price increases based on a mathematical algorithm. It’s a liquid token with a limited issue. It works as a financial instrument and asset.

Token pricing solves the currency volatility problem. Users can stake MINE to get a 20% return monthly of PLEX tokens which then can be converted to USDT or exchanged via platforms. 

The MinePlex system is a decentralized multi-stage architecture developed in the Michelson language. The blockchain is the same which is used in the aerospace industry and is famous for high security. It allows for system updates and changes without hard forking. The Liquid Proof-of-Stake (LPoS) implies the ownership of MINE tokens. The user will have access to their tokens and can use them whenever they like, unlike Delegated Proof-of-Stake (DPos) the address not the token are delegated to users. 

Who is behind Mineplex?

MinePlex is backed by a team of more than 50 experts famous in the financial and crypto industry circle. They have created multiple solutions and projects that are industry-level renowned. 

Suleiman Al-Fahim, CEO of MinePlex, is one of the world's leading international business personalities. The Emirati multi-millionaire previously was CEO of Hydra Properties, a real estate development company, President of the Arab Real Estate Union, and The Founder Of Al Fahim Holding.

Vladislav Babitsky, CTO of MinePlex, has been in the field for more than a decade. He has successfully implemented more than 50 projects known for e-commerce, fintech, blockchain, computer vision, medicine, and GPS monitoring. 

Alexander Mamasidikov, CMO of MinePlex, has been in the field of PR and Marketing Strategies for more than 13 years. Since 2015, he has been working exclusively on global fintech and blockchain projects. 

What problem does MinePlex solve?

One of the most significant problems of 100 million crypto users today is the inability to transact with cryptocurrency on a daily basis for basic things. Where fiat is readily accepted as a payment method. Generally, it's far easier to pay for bread in fiat than cryptocurrency, this is where the reluctance of mass adoption of cryptocurrency lies. What good is money if you can’t buy the things you want from it?

MinePlex’s goal is to solve this problem by providing banking services for the daily use of digital assets. Users could pay rent, bills and buy goods with cryptocurrency. They could transfer digital assets between banks and also perform interbank transactions. Blockchain technology will make it easier to identify users and will also help reduce theft and fraud risk.

The MinePlex banking platform includes services that allow users to manage their crypto assets every day, these include:

  • crypto bank in a mobile application, available 24/7, with full banking services,
  • crypto wallet,
  • crypto cards.

MinePlex Cryptobank will also reduce costs cause no brick and mortar offices will be required, no extra staffing – everything is seamlessly done through a mobile app. 

What makes MinePlex Different from Others? 

Though there are somewhat similar solutions to MinePlex present in the current industry few things set MinePlex different from others.

To highlight this, 

  1. MasterCard Debit Card

MinePlex offers MasterCard debit cards attached to its wallets. The card will make it easier for users to transact their MinePlex balance at places that don’t readily accept cryptocurrency. This is more of a bridge solution to let people use their cryptocurrency assets. 

  1. Two Token System

MinepPlex offers two tokens, MINE and PLEX. While MINE has a fixed value and is used for system usage, PLEX is subjected to price predictions and can be used externally, it is somewhat similar to Bitcoin. Two token systems solve the issue of currency volatility and keep the token more stable.

  1. MinePlex P2P Exchange

MinePlex offers a P2P exchange where users can sell different types of cryptocurrency right within the wallet, it's based on P2P, and that is what makes it different from other similar models offering wallets. 

The future for Mineplex

In April 2021 Deutsche Bank’s analysts reported that pandemic accelerated the process of central banks wanting to create their own digital money. The question has shifted from if digital currency will succeed to when will it become mainstream? Projects that are moving forward to normalize the mass adoption of cryptocurrencies are the ones that are sure to thrive in the future. 

MinePlex looks like a solid cryptocurrency project backed by a great team. It has a concrete plan for scaling and developing and aims to integrate cryptocurrency into the daily lives of its users. The project’s goal is to solve current traditional banking problems by providing an amalgamation of traditional banking and blockchain technology. 

Though the project is just in its initial phase it has a robust strategy of growth in place. By 2021 it plans to bring more than 20 cryptocurrencies to its wallets. Future development includes MinePlex University, the addition of new features, and the growth of the user base. It is expected by 2023, crypto mobile banking users will boom to 85 million globally and by 2024 it is expected to go up to a billion users. These figures are very promising for a platform like MinePlex. 

Where Can You Buy MinePlex (PLEX) Tokens?

The PLEX token is listed on ATAIX. To trade and exchange, simply sign up for an account today.