The banking sector in general and payment systems in particular are entering a new level. Mastercard announced its active interest in the field of cryptocurrencies and cooperation with platforms such as Wirex, Revolut and others. It declared itself open to cryptocurrencies PayPal… Its management has stated directly that it is working to introduce digital assets on its platform.
Over the past six months, banks in Canada, Thailand, Korea and Ghana have announced the development of digital currencies. The People’s Bank of China (PBoC) announced plans to test its own national digital currency. In September Department of Foreign Exchange regulation (OCC) has authorized U.S. financial institutions to support digital stablecoins. European Central Bank is considering the potential for issuing a digital euro in mid-2021.
According to research by a consulting company Capgemini, blockchain has been the leading trend of 2020 in the development of the banking sector, as well as one of the best solutions in the field of cybersecurity and fraud detection.
Among the many projects that declare themselves as a cryptobank, but are still in the development stage, banking licenses are held by the Swiss SEBA and American Kraken…
The Swiss bank SEBA provides custody services for digital and traditional financial assets, transactions and transfers (digital assets are transferred only to an identified address). All other banking services are carried out in national currency.
Kraken became the first cryptocurrency exchange to receive a banking license in the United States. According to the team, they plan to provide all types of services: “From paying bills and receiving wages in cryptocurrency to including digital assets in investment and trading portfolios.”
MinePlex Banking is a new generation mobile cryptobank with its own blockchain and liquid token. It is based on a balance between the traditional financial system, blockchain technology and the capabilities of mobile applications.
MinePlex Banking is the first example of a decentralized CrossFi (Cross Finance) technology. CrossFi is a new stage in the evolution of banking and the real application of blockchain technology in the banking sector.
The project solves the main problems of the banking system:
- limited use of digital assets (at the moment, these are donations and transfers between crypto wallets).
- Safety of funds;
- Long transfers (several days);
- Freezing accounts without warning the user.
The task of the team is to provide mobile banking services and use cryptocurrency every day. Each user will be able to pay bills, make purchases, make transfers and spend cryptocurrency directly from merchants around the world. All this is on one platform.
Below we present 3 main areas of MinePlex Banking, which fundamentally distinguish it from other similar projects.
1. Mobile Bank MinePlex
MinePlex Banking is a mobile crypto bank with classic payment transactions. It is in the mobile phone and works 24/7. Thanks to the blockchain base, bank transfers are made quickly and securely. Smart contracts provide efficient and flexible transactions when compared to traditional direct debit.
User safety is one of the priorities of MinePlex Banking. It is achieved at several levels: the blockchain principle will not allow third parties to log in, identification processes ensure that information will only be available to you (User ID, password, PIN, TAN, SMS, etc.).
In MinePlex Banking, the user can:
- Pay rent and utility bills with cryptocurrency;
- Transfer digital assets and fiat between bank accounts;
- Send interbank payments;
- Exchange various currencies;
- Create savings;
- Have fiat accounts in euros and dollars;
- Make international payments and transfers;
- Store money in both fiat and cryptocurrencies.
MinePlex Banking aims to maximize the synergy between digital currencies and mobile banking technologies. The advantages of mobile applications are provided by:
- Optimization of expenses in the implementation of banking services;
- saving time when contacting the bank;
- Access to own funds 24/7.
Full analytics on banking operations is always at hand: you can see where the money comes from, and what exactly it is spent on. The absence of a large number of wallets with different addresses, only clear and convenient charts for fiat and cryptocurrency. You can order a statement for any of the accounts.
At the moment MinePlex is at the stage of obtaining a banking license and in the process of developing a mobile banking application.
2. Two tokens with the possibility of staking and 20% profitability right now
MinePlex’s own blockchain uses the LPoS (Liquid Proof of Stake) consensus protocol. Its features:
- The MinePlex decentralized system is built on the Tezos multistage blockchain architecture. This allows you to make changes and update the system without hard forks (without disconnecting the network).
- The most important element of the blockchain is smart contracts, developed in Michelson’s language, which is used in the aerospace industry, where the cost of error is especially high.
It is the development of a new type of blockchain that allows users to guarantee 20% profitability for staking tokens. The MinePlex Banking ecosystem is based on 2 tokens:
- Base token MINE, the price of which is fixed and non-volatile;
- PLEX liquid token, the value of which is predictable.
For staking MINE tokens, PLEX tokens will be credited, which can then be used at your discretion – withdrawn to fiat, exchange for cryptocurrency, or put back into staking. Thanks to the features of the MinePlex blockchain, the user sees the distribution of PLEX token rewards for the next 7 days. At the same time, staking tokens are not frozen and can be used at any time. For more information on the MinePlex blockchain, price prediction, profit generation and how staking happens, see the document MinePlex Profit Generation…
3. Debit Crypto Card MinePlex
The MinePlex card will allow you to use cryptocurrency every day without restrictions, without overpaying commissions. The cards will work with payment systems Visa, MasterCard, UnionPay, which are available all over the world.
Having analyzed world crypto cards, we concluded that most of them are not as fast as stated. Almost all are varieties prepaid cards. This is a card to which the user cannot send cryptocurrency directly, and on which only fiat is used. Therefore, if the user has put on the card the amount in euros less than what is needed for the purchase, he will not be able to pay it. This is how Crypto.com, Cryptopay, SpectroCoin, Trastra and etc.
The SpectroCoin Card Terms and Conditions clearly state that the user can “top up the card with euros received in exchange for your virtual currency. A debit card is not a gift card, credit card or payment card and it is does not provide cash flow“… In explanation Crypto.com read: “Cardholders cannot load cryptocurrency onto their MCO Visa card. All cryptocurrencies will be converted to US dollars and US dollars can be loaded onto an MCO Visa card for use in ATM purchases and withdrawals. ”
To simplify the process of exchanging cryptocurrency and transferring fiat to their cards, these companies offer the user their own wallet and exchanger. Here, the client must first convert the cryptocurrency into fiat in the application, and only after that send the received fiat to the card and pay for the goods / services. That is, the user takes additional actions:
- Selects a product in the store;
- Calculates and exchanges cryptocurrency for euros in the application;
- Credits euro to the card with “a few clicks and swipes”.
One of the few cards that offer to use cryptocurrency directly, and which works, is Binance Card… According to the team, the card is linked “to the card wallet in your account Binanceand you can fund this wallet with funds stored in your spot wallet. When you spend money with your Binance Visa Card, it automatically converts your cryptocurrency funds into your local currency, allowing you to easily spend at 60 million locations around the world. ” At the moment, BTC and Binance’s own BNB token can be transferred to the card wallet. Upon purchase, the program instantly converts cryptocurrency into other fiat currencies and automatically deducts all costs and fees.
The advantages of the considered cards are cashback services up to 8% for purchases. But at the same time, different conditions apply for different cards:
- Purchases must take place in specific stores;
- Purchase of a certain type of card;
- If there is a certain amount on the account.
However, when ordering a card, for example, at Crypto.com, a part of the user’s funds is frozen for at least six months.
The difference between the MinePlex card is automatic conversion of cryptocurrency into euros upon payment, full access and control of your own funds. The user comes to the store, selects the product and brings the cryptocard to the card reader. No sharing, no taps or swipes. This is due to the fact that MinePlex Banking is a full-fledged cryptobank with all the necessary services to ensure banking operations.
Why MinePlex is better:
- You spend cryptocurrency directly from merchants around the world, where Visa and Mastercard are supported.
- Automatic conversion cryptocurrencies in EUR / USD / RUB. Pay any commissions with PLEX’s own bonuses.
- No freezing of funds at any stage of purchasing or using the card. Your funds are entirely at your disposal. Always.
- 20% per month from staking MINE tokens… Without freezing funds, for all users now.
- Large-scale referral program with multilevel bonuses for leaders of any level.
- Complete banking platform.
In conclusion, we compared well-known crypto cards and crypto banks with MinePlex Banking in terms of the provision of services and the ability to access cryptocurrency. We chose Binance, Kraken and Crypto.com. Their advantages are reliability, functionality, availability now and loyalty among the crypto community.