Blockchain and cryptocurrency have been all over the news in the last few years, whether it is tokens like bitcoin seeing massive bull runs or blockchain being used to issue university certificates.
Blockchain has been touted as the thing that will change the world and revolutionize industries as we know it.
Well, few people know more about this than Alexander Mamasidikov, the co-founder of MinePlex, a CrossFi project that acts as a crypto bank, giving the benefits of traditional banks but with the flexibility and innovation of blockchain.
Mamasidikov speaks to us about CrossFi, blockchain, and the role of tech in (literal) world-building.
What has been your take on the effects of the pandemic on the way people conduct their banking?
The pandemic has changed many processes. For the usual banking business, people began to choose remote solutions. Physical presence in banks is minimized.
The demand for mobile solutions for most tasks has grown sharply. This is where the pocket bank trend came from. Analysts expect 5.2 billion mobile users this year.
And 79% of smartphone owners already buy products on the Internet. This is a huge niche for innovation and opportunities to simplify the system.
As a co-founder, what was the idea behind MinePlex?
Realizing that all services strive to be mobile, with a user-friendly interface, while remaining secure, we thought about creating a bank that would meet all these requests.
Along with this, it was important for us to launch cryptocurrency into daily use. No exchanges and conversions, paying anywhere in the world where there is a card reader.
The new generation of users, among other things being equal, primarily chooses crypto-friendly banks. It is interesting for everyone. We have developed and are promoting CrossFi technology that combines the benefits of traditional banking and blockchain.
The use of cryptocurrency can significantly reduce fees for cross-border transfers and expand the user experience.
On the basis of our own MinePlex blockchain, we have already launched a marketplace where you can buy goods for PLEX tokens.
There is also a financial instrument for commodity staking on the platform, which allows you to get a product for a fraction of its value without getting into loans.
This is truly unique not only for the crypto market but also for the financial system.
It’s been said that the current regulatory system is unprepared and incompatible with cryptocurrency (just take the recent Binance debacle in places like Hong Kong and Germany). What is your take on that?
I agree that the system is not prepared. However, the integration of cryptocurrency into traditional banks is already underway. Therefore, we hear news every week that a major financial institution or organization is developing / exploring the possibility of introducing a cryptocurrency.
At the state level, we see all new manifestations of the use of digital assets.
For example, in El Salvador, for the first time in the world, bitcoin was recognized as legal tender at the state level. This will allow residents to save money on money transfers.
I am sure that in the near future the number of examples of the formation and regulation of cryptocurrency will increase significantly. This is an irreversible process.
So much of the attention within the industry is given to bulls runs for tokens like bitcoin and dogecoin. Would you say the industry needs to move past this sensationalized trading environment?
There are three main players in the crypto market – traders, sellers and buyers. The sensational component allows you to maneuver the results of the game.
For ordinary users – not traders – these races, on the contrary, are a problem. At MinePlex, one of the main tasks was to solve the problem of volatility and price fluctuations that affect ordinary crypto users.
For this, my team and I have developed our own MinePlex blockchain. It is based on the work of two tokens. One of them (MINE) is not volatile and has a constant price, and the second (PLEX) grows predictably, thanks to a mathematical algorithm, and the price increase is tracked in the explorer for 7 days in advance. Strategy for MinePlex users: Keep calm and watch the price.
Would you say there should be more focus on cryptos as a medium of exchange than as an asset class? Or is there a healthy balance as is?
It is necessary to build on the task facing the user who buys cryptocurrency. There are more than 10 thousand varieties. You can buy a cue ball and wait 10 years – that’s one strategy.
You can earn x2 (and also lose) on token sales in two hours. There are many solutions for any task on the crypto market. In our case, at MinePlex, we made the perfect balance for users.
Blockchain is already doing well in the private sector. Would you say the public sector needs it as well?
Of course, the creation of an E-government is now relevant. This will allow the digitization process to be launched in various structures, ensuring traceability, transparency and security.
First of all, creating a secure digital environment and protecting data. As well as services for citizens, payments and transfers, contactless services, data access, information verification and much more based on the blockchain.
What is next for MinePlex moving forward?
First of all, we are preparing a full-fledged CrossFi bank with a huge number of users to launch on the market. At the moment alone, there are 220 million potential clients of the cryptobank on the market.
Now we are obtaining the necessary licenses for banking activities in different countries. We are planning to scale the marketplace, where even more goods and services will be presented for PLEX tokens.
In the fall, there will be a release of a card with automatic conversion of cryptocurrency into fiat, thanks to which the user will not need to think about exchanges, paying for daily purchases.
We are working to make cryptocurrency an integral and daily part of the financial market.