The popularity of cryptocurrencies is growing all around the world. If a few years ago crypto coins were used almost exclusively for speculative trading, today bitcoin and some altcoins are used as a means of payment or an investment instrument. The next step towards cryptocurrencies adoption will be the creation of special marketplaces where crypto coins will be the main payment option. The MinePlex Marketplace became the first marketplace like this. We discussed its operations and development perspectives with the co-founder of MinePlex Alexander Mamasidikov.
In the past year and a half, cryptocurrencies solidified their positions in the market, now they are even used as a means of payment. For example, some experts insist that bitcoin can become a payment instrument in the premium segment. Do you think that cryptocurrencies can really become a means of payment? Will it be available to everybody or will it become demanded only among wealthy people?
Even right now, cryptocurrencies are a means of payment. It is widely used by a huge number of people, no matter the level of material prosperity. For example, in developing countries in Africa like Nigeria, cryptocurrencies are the most popular means of payment because digital transfers in them are much cheaper and quicker than in local currencies. Yet the lack of clear regulations in the crypto market and some cryptocurrencies’ peculiarities brings its drawbacks: first of all, in the form of a middleman or third parties that might still be necessary to exchange crypto to fiat. We aspired to eradicate this issue. We are creating the mobile banking MinePlex Banking that unites the reliability of blockchain and traditional financial services. It allows automatic conversion of cryptocurrencies to fiat that can be used at any place where there is a card reader without a need for visiting the office or thinking about geographical borders.
Cryptocurrencies are El Dorado for those who know how to use them and want to earn on them. But it does not mean that it will be available and popular only in the premium segment. In MinePlex, we are working on solutions that allow any user to get an opportunity for financial education and knowledgeable management of digital assets. Also, we have developed a financial instrument for staking. Thanks to our blockchain, which operates on two tokens MINE and PLEX, any MinePlex user can get a 20% profit monthly.
- Last year in Russia, it was possible to buy property or cars for cryptocurrencies. But the passing of the Law on Digital Financial Assets in fact prohibited the use of cryptocurrencies as a means of payment. How does it influence the cryptocurrencies sector in Russia?
As it was 5 years ago or last year, today cryptocurrencies are not regulated in Russia. They have not been acknowledged as a means of payment. That is why purchases of all goods or services are done by exchanging crypto to fiat via P2P exchanges, OTC platforms, cryptocurrency exchanges, or the deals are conducted directly with sellers at their own risk and peril. Nevertheless, Russia is included in the Top-20 countries in the Global Crypto Adoption Index.
- Where can one spend cryptocurrencies in Russia and in the world?
Many platforms claim to accept cryptocurrencies. In reality, most of them operate like simple exchanges. Even if the company states that they accept crypto for their services, most often during the purchase, they transfer users to the website of the middlemen that exchange crypto to fiat and transfer it to the seller. The MinePlex Marketplace is one of the few web platforms that really sell goods for PLEX tokens.
- For a long time, it was assumed that cryptocurrencies are the payment choice for the darknet? How legal is this type of asset today? Is it still used in the darknet and in what volumes?
It is a myth that cryptocurrencies are the only one payment option in the darknet. Fiat is widely used too. Cryptocurrencies do not have special benefits or properties that would be more attractive for using them as a means of payments in the darknet: most cryptocurrencies are neither extra anonymous nor more liquid than any other currency.
- The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.
- How does the MinePlex Marketplace work? What can one buy on the platform? What cryptocurrencies are used as a means of payment?
We aimed to make the marketplace the easiest-to-use and the clearest to all users. There is a wide range of goods offered. One can buy modern gadgets, electronics for PLEX tokens. Also, we have developed an absolutely new instrument - Commodity staking. It is based on our MinePlex blockchain that guarantees the security of its usage. Commodity staking is a unique instrument that allows any user to purchase a product for a part of its cost. It is very simple: you choose a product, pay a part of its cost in PLEX tokens, so the MinePlex staking starts to operate and you wait for the end of the staking period and get a product.
- What are the opportunities for sellers and buyers? How easily do sellers agree to receive payments in cryptocurrencies?
At this moment, the MinePlex Marketplace serves as a middleman. We operate as a retail company: we purchase the electronics for fiat and sell them to our users for PLEX, so buyers can have an opportunity to spend their tokens and buy goods without exchanging them. Among benefits for buyers, we provide them with a new audience and new opportunities for placement.
- What will the future of crypto marketplaces look like?
In my opinion, it will become one of the main high-demand areas with the progression of the mass adoption of cryptocurrencies. Every fifth purchase is made online. The number of crypto users has doubled in the last half a year. Draw your conclusions.
The main objective of the crypto industry is to bridge buyers and sellers so they can transact in cryptocurrencies directly without conversions and exchanges to fiat. It cuts the costs and saves time. It erases geographical boundaries and eradicates the limits for opportunities. On this, we are working at MinePlex Banking - to make cryptocurrencies available at any place in the world where there is a card reader.
The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.
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