Crypto and digital bank MinePlex secures $100M in funding from GEM

Published at: Oct. 11, 2022

In another round of investments in the crypto space, Singapore-based crypto bank MinePlex has secured $100 million from digital asset investment firm GEM Digital Limited (GEM), aimed at closing the gap between digital assets and traditional banking. 

According to an Oct. 11 announcement, MinePlex will use the funding to develop new banking technologies, including a collaboration with Mastercard and Visa for transactions accepting Tether (USDT), Bitcoin (BTC), Ether (ETH), and TRON (TRX).

Bringing digital assets and traditional banking services together is MinePlex's big bet.

The platform offers fiat and crypto assets services within the same application, enabling transactions such as bill payments as well as purchases in crypto assets.

Introducing CrossFi, MinePlex's co-founder and CEO Aleksandr Mamasidikov explained to Cointelegraph:

"We created CrossFi, a new technology that runs on the LPoS (Liquid Proof of Stake) consensus algorithm and MinePlex's innovative blockchain, which provides such advantages as simplicity, operating speed, and low fees."

According to MinePlex, its native MinePlex (PLEX) token will also be listed on new exchanges as part of the fundraising efforts.

The company also intends to open new offices in South Africa, Australia, India and Brazil, adding to its already established offices in Barcelona, Dubai, Uruguay, and Singapore. The company claims to have processed more than five million cards across 50 banks in Russia, Europe, and Asia.

GEM is a $3.4 billion alternative investment group that has been a source of capital for other startups in the crypto space.

In September, ParallelChain Lab secured $50 million in funds from GEM following the launch of its mainnet and native token listing, XPLL, while Sports Metaverse startup LootMogul secured a $200 million investment commitment from Gem Global Yield.

In June, the private equity fund closed a $200 million investment in the cryptocurrency exchange Unizen to expand the firm's business and its ecosystem.

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