Singapore-based crypto bank MinePlex has raised hundreds of millions of funds from an altcoin investment firm. The funding will be used in new banking technologies, including collaboration with Mastercard and Visa for crypto transactions.
Altcoin bank raises $100M in funding from GEM
Singapore-based crypto bank MinePlex has raised $100 million in a new round of investment from investment firm GEM Digital Limited (GEM), which aims to bridge the gap between cryptocurrencies and traditional banking. According to the announcement on October 11, the following cryptocurrencies, MinePlex, will use the finance to develop new banking technologies, including collaboration with Mastercard and Visa for accepted transactions.
- Bitcoin (BTC)
- Ethereum (ETH)
- Tron (TRX)
- Tether (USDT)
The platform offers fiat money and crypto money services in the same application, allowing transactions such as bill payments as well as crypto money purchases. Aleksandr Mamasidikov, co-founder and CEO of MinePlex, said in his statements about the investment:
We have created CrossFi, a new technology running on LPoS (Liquid Proof of Stake) consensus algorithm and MinePlex’s innovative Blockchain that provides advantages such as simplicity, speed of operation and low fees.
Local MinePlex (PLEX) will also be listed on new exchanges as part of fundraising efforts, according to MinePlex.
The company also plans to open new offices in South Africa, Australia, India and Brazil, in addition to offices in Barcelona, Dubai, Uruguay and Singapore. The company claims to have processed more than five million cards at 50 banks in Russia, Europe and Asia. GEM is a $3.4 billion alternative investment group that is a source of capital for other startups in the crypto space.
In September, ParallelChain Lab received $50 million in funding from GEM following the launch of its mainnet and native token listing XPLL, while Sports Metaverse startup LootMogul received a $200 million investment commitment from Gem Global Yield. In June, the private equity fund closed a $200 million investment in cryptocurrency exchange Unizen to expand the firm’s business and ecosystem.
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