On October 11, Singapore-based crypto bank MinePlex secured $100 million from a Bahamas-based digital asset investment firm GEM Digital Limited (GEM), aimed at closing the gap between digital assets and traditional banking.  

According to a press release published on Tuesday, MinePlex will use the funding to develop new banking technologies, including a collaboration with Mastercard and Visa for transactions accepting Tether (USDT), Bitcoin (BTC), Ether (ETH), and TRON (TRX). 

The main motto of MinePlex is to bring digital assets and traditional banking services together. The platform offers crypto and fiat assets services inside a similar application, allowing transactions, for example, bill payments as well as buys in crypto assets. 

Introducing CrossFi, MinePlex’s co-founder and CEO, Aleksandr Mamasidikov, explained, “We created CrossFi, a new technology that runs on the LPoS (Liquid Proof of Stake) consensus algorithm and MinePlex’s innovative blockchain, which provides such advantages as simplicity, operating speed, and low fees.” 

According to MinePlex, its native MinePlex (PLEX) token will also be listed on new exchanges as part of the fundraising efforts, which will intensify marketing efforts, reinforce the improvement of B2G and B2B opportunities, and promote partnerships with financial institutions. “This investment commitment will accelerate the scaling of the MinePlex ecosystem and the development of new-generation financial instruments based on our own blockchain," as stated by Mamasidikov. 

The organization also plans to open new offices in India, Australia, Brazil, and South Africa, adding to its already established offices in Barcelona, Dubai, Singapore, and Uruguay. The organization claims to have processed more than 5 million cards across 50 banks in Russia, Europe, and Asia.