The funds will be used in new banking technologies, including a collaboration with Mastercard and Visa for cryptocurrency transactions.
In another round of investments in the cryptocurrency space, Singapore-based crypto bank MinePlex has secured $100 million from digital asset investment firm GEM Digital Limited (GEM) with the aim of bridging the gap between the digital assets and traditional banks.
According to an announcement on Oct. 11, MinePlex will use the funds to develop new banking technologies, including a collaboration with Mastercard and Visa for transactions that accept Tether (USDT), Bitcoin (BTC), Ether (ETH), and TRON (TRX). .
Uniting digital assets and traditional banking services is the great bet of MinePlex.
The platform offers fiat and crypto asset services within the same app, enabling transactions such as bill payments and crypto asset purchases.
Introducing CrossFi, MinePlex co-founder and CEO Aleksandr Mamasidikov explained to Cointelegraph:
“We created CrossFi, a new technology running on the LPoS (Liquid Proof of Stake) consensus algorithm and the innovative MinePlex blockchain, offering advantages such as simplicity, operational speed and low fees.”
According to MinePlex, its native MinePlex token (PLEX) will also be listed on the new exchanges as part of the fundraising efforts.
The company also plans to open new offices in South Africa, Australia, India and Brazil, in addition to those already established in Barcelona, Dubai, Uruguay and Singapore. The company claims to have processed more than five million cards in 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 cryptocurrency space.
In September, ParallelChain Lab secured $50 million in funding from GEM following the launch of its parent XPLL token, while Sports Metaverse startup LootMogul secured a $200 million investment commitment from Gem Global Yield.