Singapore-based crypto and digital bank MinePlex announced on Tuesday that it has received $100 million in funding from digital asset investment firm GEM Digital Limited (GEM), which will be used to expand its global footprint and grow new banking technologies.
GEM is a $3.4 billion Bahamas-based alternative investment group that sources, structures and invests in utility tokens listed on over 30 cryptocurrency exchanges.
MinePlex Banking – the company’s flagship product – will soon enable millions of users to make fast and secure digital transactions through the use of bank cards, mobile apps and cryptocurrencies, the company said. in a press release.
In April this year, MinePlex launched a CrossFi service called MinePlex.Finance to link digital assets and popular fiat currencies, allowing users to make transfers, store digital assets and spend funds.
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MinePlex to Collaborate with MasterCard and Visa to Begin Acquisition of CrossFi
The company said it intends to launch CrossFi through a collaboration with MasterCard and Visa later this year, enabling it to accept Attached USDT/USD, Bitcoin BTC/USD, Ethereum ETH/USDand tron TRON/USD tokens.
As part of the fundraising, MinePlex will also set up the listing of its native PLEX token on new exchanges, intensify marketing efforts, strengthen the development of B2B and B2G opportunities, and foster partnerships with financial institutions.
“This cooperation opens a new chapter in the development of MinePlex and shows that we are making progress towards our goal: to help solve the problem of financial isolation for millions of people around the world by using the capabilities of the CrossFi technology we have developed. », Alexander Mamasidikovco-founder and CEO of MinePlex said.
“This investment commitment will accelerate the scaling of the MinePlex ecosystem and the development of next-generation financial instruments based on our own blockchain. We are really proud to work with GEM,” added Mamasidikov.
Company to obtain a banking license
MinePlex further stated that it plans to obtain a banking license and primary membership in the MasterCard International payment system.
Parent company MinePlex Group, which has offices in Barcelona, Dubai, Uruguay and Singapore, claims to have processed more than five million cards at 50 banks in Russia, Europe and Asia.
ParallelChain Lab received $50 million from GEM in September following the launch of its mainnet and native token list, XPLL, while sports metaverse company LootMogul received a $200 million investment commitment from Gem Global Yield.
To grow the company’s operations and ecosystem, GEM made a $200 million investment in Unizen, a cryptocurrency exchange, in June.
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