March 28, 2023

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MinePlex, a crypto bank based in Singapore, has acquired funding of up to $100M from GEM Digital Limited (a company specified for investment in digital assets). The purpose of this funding is to bridge the gap present between conventional banking as well as digital assets.

A Crypto Bank Called ‘MinePlex’ Gets $100M from GEM in Funding

The funding will be utilized by MinePlex to construct unique banking technologies, taking into account a partnership with Visa and Mastercard for transactions taking dealing with TRON (TRX), Ether (ETH), Bitcoin (BTC), and Tether (USDT). MinePlex is determined to combine digital assets as well as conventional banking services.

It provides services related to crypto and fiat assets within a single application, allowing transfers like payments of bills and purchases via crypto assets. Aleksandr Mamasidikov (the CEO and co-founder of MinePlex), while introducing CrossFi, stated that the platform has developed the respective project.

As per the executive, the project presents a new technology to operate on the Liquid Proof of Stake (LPoS) consensus and the innovative blockchain of MinePlex to offer the benefits like minimum charges, improved operating speed, as well as simplicity.

In the words of MinePlex, its local token “PLEX” will additionally have its listing on the exclusive exchange venues as included in its endeavors related to fundraising.

Crypto Funding on the Rise for Another time

The firm additionally wants to establish unique offices across Brazil, India, Australia, and South Africa, adding to the Singapore, Uruguay, Dubai, and Barcelona-based already developed offices.

The firm asserts having processed over 5M cards throughout fifty banks in Asia, Europe, and Russia. GEM counts as a group for alternative investment with a valuation of up to $3.4B. it has additionally been playing the role of capital source for the rest of the crypto ventures.

ParallelChain Lab, in September 2022, obtained funding of approximately fifty million dollars from GEM after the release of the mainnet thereof as well as the listing of its local token “XPLL.”

Simultaneously, Gem Global Yield provided up to $200M in an investment commitment with LootMogul (a Metaverse venture). In June this year, an investment of almost $200 million was made into Unizen (an exchange of cryptocurrency) to spread the ecosystem as well as the business of the company.

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