The money will go toward new financial innovations, such as a partnership with Mastercard and Visa for cryptocurrency transactions.
To bridge the gap between digital assets and conventional banking, Singapore-based crypto bank MinePlex has received $100 million from digital asset investment company GEM Digital Limited (GEM) as part of another round of investments in the cryptocurrency market.
The funding will be used, according to a statement made on October 11, by MinePlex to create new banking technologies, including a partnership with Mastercard and Visa for accepting Tether (USDT), Bitcoin (BTC tickers down $19,044), Ether (ETH tickers down $1,282), and TRON (TRX tickers down $0.0616) as payment methods.
Introducing CrossFi, co-founder and CEO of MinePlex:
“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.”
As part of the fundraising activities, MinePlex’s native MinePlex (PLEX) coin will also be listed on new exchanges.
In addition to its current locations in Barcelona, Dubai, Uruguay, and Singapore, the company also plans to open new offices in South Africa, Australia, India, and Brazil. In Russia, Europe, and Asia, the company claims to have processed more than five million cards through 50 banks.
GEM, a $3.4 billion alternative investment firm, has provided funding for several cryptocurrency businesses.
Following the launch of its mainnet and native token listing, XPLL, ParallelChain Lab acquired $50 million in funding from GEM in September. Meanwhile, sports metaverse firm LootMogul received a $200 million investment commitment from Gem Global Yield.
To develop the company’s operations and environment, the private equity fund invested $200 million in the cryptocurrency exchange Unizen in June.