In the previous couple of years, banking has taken on a brand new face. Extra particularly, banking has develop into extra democratized and accessible due to blockchain expertise. In case you observe monetary information, you then would have heard of DeFi and CrossFi, techniques that leverage blockchain expertise to supply banking providers (switch, financial savings, funds, and so on) to folks.
Not like conventional banks, CrossFi and DeFi platforms supply way more privateness and due to being constructed on blockchain expertise, can supply sure services that conventional banks can not, comparable to commodity staking, liquidity farming, and so forth.
On the forefront of this motion are DeFi platforms like SushiSwap and CrossFi banks like MinePlex. Within the first yr of its existence, MinePlex has shortly develop into an business favourite due to its handy platform, dependable financial institution card and a slew of options. We communicate to Alexander Mamasidikov, the Co-Founding father of MinePlex, about blockchain, banking, and the way it feels to be in the course of international monetary disruption.
Q: MinePlex was launched in 2020, throughout a world pandemic and a normal shift within the monetary sector. How did this affect your enterprise mannequin?
The pandemic was not the impetus for the creation of MinePlex. Nonetheless, due to her, all processes have accelerated. Within the banking and finance business, issues have surfaced that beforehand might have been solved offline. They weren’t included within the on-line choices. The pandemic modified the whole lot. For us, as crypto fans, there have been 2 essential issues within the crypto market: the volatility of the cryptocurrency and the inaccessibility of economic providers and cryptocurrency for on a regular basis use. Subsequently, our bold objective was to develop our personal blockchain that may resolve the issue of cryptocurrency volatility and create a brand new technology cellular crypto financial institution that may mix conventional banking providers and blockchain capabilities. That is how CrossFi expertise was born. To make use of all the benefits of cryptocurrency every single day, together with fiat, anyplace on this planet the place there’s a card reader.
In the course of the first yr of MinePlex, my group and the help of our invaluable group have achieved an awesome job: we launched our personal MinePlex blockchain with two liquid tokens, staking with a yield of 20% monthly in PLEX tokens, a big market with fee for cryptocurrency, a novel monetary instrument for commodity staking, our personal purse. Carried out the primary transactions on the MinePlex cryptocard in PLEX tokens, bypassing fiat. This may develop into a development within the subsequent 5 years and can lastly resolve the issue with the every day use of cryptocurrency in actual life. We’re testing our personal POS terminal, which accepts MinePlex’s personal crypto merchandise and merchandise of worldwide fee techniques Mastercard, Visa, Union Pay for funds in PLEX and in currencies of nations when paying for purchases in a retail community or at cryptocurrency alternate places of work. All of the options of the Mastercard system will now be accessible to MinePlex customers, due to the truth that we now have signed a strategic cooperation settlement with the monetary establishment Dzing Finance Ltd. It’s deliberate to enter the market MinePlex.Cash – a fee system for inside and exterior providers, a multi-currency pockets with 36 essential currencies and a PLEX token and the cellular cryptobank MinePlex itself is our objective and the expectation of 40 million potential customers.
Q: Some have mentioned that the rise of CrossFi and DeFi have been fueled by conventional banking’s incapability to evolve and develop into extra accessible. Would you agree?
The standard banking system is outdated. It can not mirror the present expectations of shoppers: mobility, personalization, accessibility in a smartphone, digital funds, switch pace, help for cryptocurrency, in addition to the provision of providers with out visiting places of work. That’s the reason many of the customers in creating international locations are switching to cryptocurrency: it’s quick, low cost and never tied to a locality. One other downside with conventional banks is that the shopper doesn’t have entry to their funds. The funds usually are not totally owned by the purchasers. We’re confronted with unilateral blocking of accounts from the financial institution, freezing of funds, and the shortcoming to withdraw cash instantly on demand. The objective of crypto banks and, particularly, the implementation of CrossFi expertise, was to return cash to the fingers of the homeowners, irrespective of how surreal it sounds. The peculiarity of the cryptocurrency is its true belonging to the holder. MinePlex went even additional – we permit sending tokens to work in staking with out delegating funds. Solely you management the funds, and nobody else. If nobody is aware of your seed phrase, you possibly can sleep nicely, as a result of not a single PLEX token within the MinePlex system will go to the left.
Q: Would you agree that it’s changing into important to guess/spend money on crypto in addition to fiat foreign money?
I imagine that everybody ought to make accountable and balanced selections on their very own. I’m for the provision of data and monetary literacy for each consumer, each within the conventional monetary sector and within the crypto market. This may permit you to make significant selections: whether or not to spend money on cryptocurrency, fiat, the place to retailer, what to spend money on. Dangers and alternatives go hand in hand, you could know methods to distinguish them and make an knowledgeable determination. No person however you are able to do it.
Q: What recommendation would you give to somebody simply beginning out with CrossFi or MinePlex particularly?
Examine all accessible data, learn, ask. We repeatedly maintain conferences with our viewers, classes, networking, and webinars. We attempt to do our greatest to enhance the monetary literacy of our customers. This ensures good and balanced selections of the group, which results in a gentle stream of competent purchasers. In fact, blockchain is all about belief and transparency. Nonetheless, you could strategy the whole lot with your individual thoughts.
Q: How do you suppose the business can obtain a steadiness between cryptocurrency as a medium of alternate and as an funding software?
It is arduous to say what is going to occur to the crypto market even in 6 months. The market modifications each three months, so it’s unimaginable to investigate the temper of the individuals. It is even tougher to speak about steadiness. The crypto business is as huge as the ocean. Right here everybody can discover for themselves what they’re on the lookout for. Make translations, make investments and earn cash, create your individual tasks or optimize present providers. All of it will depend on the objective.
Q: Do you suppose all of the emphasis on huge token runs (just like the dogecoin bull run earlier this yr) helps or hurts the business?
Any pump and dump permits models to earn and the bulk to lose. That’s the reason we have been puzzled to present a substitute for customers – to deliver to the market a liquid token with a predicted value 7 days prematurely. We created the MinePlex blockchain based mostly on the LPoS consensus, which relies on the operation of two tokens: a non-volatile MINE with a secure value and a liquid PLEX, the worth of which is tracked within the explorer and calculated in response to a given mathematical algorithm. You see the worth forecast, and also you your self decide on additional actions.
Q: What do you suppose the business can do to maintain its momentum outdoors of record-breaking bull runs?
For greater than 10 years, we now have seen the rise and fall of the worth of bitcoin. That is its essence, as a result of it’s decentralized. Bitcoin, by its very nature, doesn’t and can’t have regulators. He’s not predictable. No person will do something about it. Most cryptocurrencies stay by the identical precept, the worth of which rises and falls. There are additionally stablecoins available on the market, whose worth is tied to the worth of typical currencies or bodily items. And there may be PLEX, the primary token to have a 7-day Predicted Worth. I imagine that it’s the software of those three that will likely be maximally utilized on the state degree, the place nearly all of customers and homeowners will likely be, and it’ll flourish as a lot as doable. Which means the business will develop in response to this situation.
In line with analysts’ forecasts, sooner or later, blockchain applied sciences will likely be utilized on the state degree; now it’s utilized in massive firms, and is being launched into the performance of varied providers. In the end, cryptocurrency will hit the mainstream. For a rational strategy of customers, to cut back the impression of dumps and pumps, it’s needed to extend the monetary literacy of the inhabitants. Consequently, customers will select a extra predictable or extra unstable foreign money based mostly on their objectives. However this will likely be a secure and deliberate alternative.
Q: Of all MinePlex’s choices to this point, which might you say has been the best-received?
The PLEXUS proprietary staking software has been and stays probably the most requested and well-liked MinePlex product. Nonetheless, we’re bringing to market long-awaited merchandise that may change not solely the lives of our customers, however your entire business. These are, particularly, crypto playing cards with direct fee with out conversion to fiat, a POS terminal that may present direct entry to providers with out intermediaries, with out restrictions, with out the potential of third-party management and freezing of funds. And crypto banking itself. That is what we now have been engaged on all yr, and what everyone seems to be right here for. MinePlex isn’t solely concerning the financial institution, it’s about our perception within the blockchain and the truth that you and I can change the course of historical past ourselves.