Crypto Bank MinePlex Secures $100M from GEM Digital To Develop New Banking Technologies

Zinger Key Points
  • GEM Digital invests $100 million in MinePlex
  • The funds will be used to scale up its global presence and development its banking technology

Singapore-based crypto and digital bank, MinePlex, on Tuesday announced 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 develop 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 safe digital transactions through the use of bank cards, mobile applications, and cryptocurrencies, the company said in a statement.

In April this year, MinePlex launched a CrossFi service called MinePlex.Finance to bridge 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 start CrossFi acquiring

The company said it intends to start CrossFi through collaboration with MasterCard and Visa later this year, enabling it to accept Tether USDT/USD, Bitcoin BTC/USD, Ethereum ETH/USD, and Tron TRON/USD tokens.

As part of the fundraising, MinePlex will also implement the listing of its native PLEX token on new exchanges, intensify marketing efforts, strengthen the development of B2B and B2G opportunities, and promote partnerships with financial institutions.

"This cooperation opens a new chapter in the development of MinePlex and shows that we are progressing towards our intended goal: to contribute to solving the problem of financial isolation of millions of people globally by utilizing the capabilities of the CrossFi technology we have developed," Aleksandr Mamasidikov, co-founder and CEO of MinePlex said.

“This investment commitment will accelerate the scaling of the MinePlex ecosystem and the development of new-generation financial instruments based on our own blockchain. We are really proud to work with GEM,” Mamasidikov added.

Company to obtain a banking license

MinePlex further said it plans to obtain a banking license and principal membership with 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 across 50 banks in Russia, Europe, and Asia.

ParallelChain Lab received $50 million from GEM in September after launching its mainnet and native token listing, XPLL, while sports metaverse firm LootMogul received a $200 million investment commitment from Gem Global Yield.

To grow the company's operations and ecosystem, GEM completed a $200 million investment in Unizen, a cryptocurrency exchange, in June.

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