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MinePlex Digital and Crypto Bank Secures $100M in GEM Funding

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.

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Visa Launches Bitcoin and Crypto Debit Cards in 40 Countries in Partnership with FTX

The partnership allows FTX Exchange users in 40 countries to easily spend their bitcoins and cryptocurrencies at any merchant that accepts Visa cards.

FTX is launching bitcoin and cryptocurrency-backed debit cards in 40 countries.

The exchange has partnered with Visa and will focus on Latin America, Asia and Europe.

Despite the bear market, Visa believes bitcoin holders still want to use BTC for payments.

Visa has partnered with one of the world’s leading cryptocurrency exchanges, FTX, to launch bitcoin and cryptocurrency debit cards, according to a CNBC report.

The offer will be available to FTX users in more than 40 countries, with a focus on Latin America, Asia and Europe.

Visa, along with its competitors in the market, continues to assert that bitcoin and cryptocurrency users still want to use their holdings as a medium of exchange, even amid a bear market downturn.

“While stocks are down, there is still a steady interest in cryptocurrencies,” said Visa Chief Financial Officer Vasant Prabhu, according to the report.

Debit cards, which are already available in the US, simply connect to the FTX platform, allowing users to spend digital assets in their wallets without the need to withdraw assets from the exchange platform.

“We don’t have a position as a company on what the value of cryptocurrency should be, or if it’s a good thing in the long run — as long as people have things they want to buy, we want to make it easy.” said Prabhu.

Visa’s main competitor, Mastercard, has also partnered with several different companies to offer debit cards that support bitcoin and cryptocurrencies. American Express has also expressed interest in offering a similar product, though its chief executive said it likely wouldn’t be “any time soon”.

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Payments company Bolt cancels deal to acquire cryptocurrency company Wyre

California-based online payments company Bolt pulls out of a deal to buy cryptocurrency provider Wyre. News of the scrapped deal, which was agreed earlier this year, comes amid plummeting valuations in the cryptocurrency and fintech sectors.

Bolt Abandons Wyre’s $1.5 Billion Acquisition Plan

Bolt Financial, a San Francisco-based U.S. technology company, said on Friday that it had canceled a deal to buy cryptocurrency infrastructure provider Wyre Payments, Reuters reported Saturday. The e-commerce platform announced in early April a definitive agreement to acquire Wyre for $1.5 billion.

The deal was considered one of the biggest acquisitions of cryptocurrency companies this year. After a funding round in January, Bolt was last valued at $11 billion. The report notes, however, that high-tech valuations are under more pressure as investor confidence has been hit by recession fears and negative stock market developments.

Payment processor Stripe and fintech firm Klarna Bank also made significant valuation cuts, Reuters noted. Industry valuations have also dropped significantly in the cryptocurrency sector during the market slump in recent months.

In a statement released, Bolt emphasized that he will continue his partnership with Wyre. The online payments company explained that remaining independent would allow it to focus on its core areas of business. The company’s CEO, Maju Kuruvilla, was quoted as saying:

We will continue our existing business partnership with Wyre to pave the way for the integration of cryptocurrencies into our ecosystem, bringing Wyre's innovative cryptocurrency infrastructure to the world.

Wyre offers blockchain-connected payment APIs and fiat ramps for cryptocurrency, forex and cryptocurrency liquidity to users of various cryptocurrency projects. It was created in 2013 and, like Bolt, which was founded a year later, is based in San Francisco.

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South Korea’s second largest city, Busan, partners with FTX for a local exchange

The city of Busan, the second largest city in South Korea, commonly known as the ‘Blockchain’ city of South Korea, has partnered with major cryptocurrency exchange FTX to build a local exchange. Furthermore, the association also aims to promote the development of blockchain in the city.

Pursuant to the agreement according to a statement issued by the Busan Metropolitan City on Aug. 30, FTX will assist in the creation of a local cryptocurrency exchange duped by the Busan Digital Asset Exchange. The Bahamian cryptocurrency exchange led by Sam Bankman-Fried will also support the city of Busan in promoting the growth of the local blockchain industry.

Busan City Cryptocurrency Exchange

The city of Busan will leverage FTX’s technology and infrastructure to build its own cryptocurrency exchange and promote blockchain-specific education at local universities and projects within the city’s ‘Special Blockchain Free Zone’ established in 2019.

FTX, through its Investment Division CEO Amy Woo, said that it will establish a Korean branch of FTX in the city of Busan within the next 12 months to help make Busan a digital financial hub in Asia.

In addition to signing an agreement with FTX, Busan also partnered with Binance, the largest cryptocurrency exchange by turnover, on August 1. Binance has signed a memorandum of understanding to provide the city with infrastructure and technology support for its blockchain development effort.

Both FTX and Binance are expected to establish a presence in South Korea in the next 12 months.

Since Busan was designated as the Blockchain City of South Korea in 2019, several projects have already been launched. These projects include a proprietary blockchain-based identification system, a blockchain-powered driver’s license platform, and cryptocurrency support for various services.

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Binance will help the South Korean city of Busan increase

cryptocurrency adoption and develop a blockchain ecosystem
Binance is helping the South Korean city of Busan “increase cryptocurrency adoption in and out of the city”. The global cryptocurrency exchange will also support the development of the city’s blockchain ecosystem and the Busan Digital Asset Exchange.

Binance Signs Memorandum of Understanding with the City of Busan

Cryptocurrency exchange Binance announced on Friday that it has signed a Memorandum of Understanding (MOU) with the metropolitan city of Busan. Busan, located at the southeastern tip of the Korean Peninsula, is the second largest city in South Korea, with approximately 3.4 million inhabitants.

“As part of the agreement, the City of Busan will receive technological and infrastructure support from Binance for the development of the city’s blockchain ecosystem and the promotion of the Busan Digital Asset Exchange,” Binance explained.

“Another form of cooperation between the two parties will be the sharing of the order book”, added the company, adding that it will establish a presence in Busan by the end of the year.

Binance CEO Changpeng Zhao (CZ) said, “We are happy to work with the City of Busan to bring about tangible blockchain-related developments that benefit and support the city’s innovation efforts.” The executive opined:

Through our industry-leading position and technology expertise, combined with the City of Busan's strong support of the blockchain industry, we hope to help increase cryptocurrency adoption in the city and beyond.

“We look forward to our close cooperation with the city to support the establishment of digital asset exchanges and various blockchain industries,” added Zhao.

Busan Mayor Heong-Joon Park commented:

With this agreement, we are one step closer to establishing the Busan Digital Asset Exchange as an integrated global platform for digital assets.

“By making Busan a specialist blockchain city that attracts global attention, we will fuel a new growth engine for the local economy and make it a global digital financial hub,” he added.