This Altcoin Receives Hundred Million Investments: It Will Enter New Exchanges!

Singapore-based crypto bank MinePlex has raised hundreds of millions of funds from an altcoin investment firm. The funding will be used in new banking technologies, including collaboration with Mastercard and Visa for crypto processes.

This altcoin project received $100 million in funding from GEM

Singapore-based crypto bank MinePlex has secured $100 million in funding from investment firm GEM Digital Limited (GEM), which aims to bridge the gap between cryptocurrencies and traditional banking in a new type of investment. According to the announcement made on October 11, the following cryptocurrencies, MinePlex, will use the finance to develop new banking technologies, including collaboration with Mastercard and Visa for accepted processes.

  1. Bitcoin (BTC)
  2. Ethereum (ETH)
  3. Tron (TRX)
  4. Tether (USDT)

The platform provides fiat money and crypto money services within the application, enabling processes such as bill payments as well as crypto money purchases. Aleksandr Mamasidikov, co-founder and CEO of MinePlex, said in his statements about the investment:

We created CrossFi, a new technology that runs on the LPoS (Liquid Proof of Stake) consensus algorithm and MinePlex’s innovative Blockchain that provides advantages such as convenience, speed of operation and low prices.
According to MinePlex, the local MinePlex (PLEX) will also be listed on new exchanges as a module for fundraising efforts.

The company also plans to open new offices in South Africa, Australia, India and Brazil, in addition to offices in Barcelona, ​​Dubai, Uruguay and Singapore. The company claims it has processed more than five million cards in 50 banks in Russia, Europe and Asia. GEM is a $3.4 billion alternative investment cluster that is a source of capital for other startups in the crypto space.

In September, ParallelChain Lab received $50 million in funding from GEM following the launch of its mainnet and native token list XPLL, while Sports Metaverse startup LootMogul received a $200 million investment commitment from Gem Global Yield. In June, the private equity fund closed a $200 million investment in cryptocurrency exchange Unizen to expand the firm’s business and ecosystem.

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