Exclusive Interview with Alexander Mamasidikov, Co-founder of Mobile Digital Bank MinePlex

Spearheading the Digital Transformation of Payments Through Blockchain Technology

The payments industry today is going through a period of digital innovation. With the advent of blockchain technology and the growing attention that different countries are showing towards cryptocurrencies, many are wondering what role digital assets will come to hold in the global financial ecosystem going forward. One of the companies that stand at the forefront of this ongoing transformation is MinePlex. It is a mobile digital bank that implements crypto in its services and sets the goal of building a new-generation payments system by bringing together crypto and traditional banking. Analytics Insight has engaged in an exclusive interview with Alexander Mamasidikov, Co-Founder of MinePlex

Kindly brief us about your company, its specialization, and the services that your company offers.

MinePlex is a cross-functional mobile platform that offers payment solutions that allow people to conduct their financial operations with our own PLEX tokens in a simple and accessible manner. We have created an ecosystem of products built upon our own blockchain, with four main solutions at its core.

MinePlex.Money is an electronic payment system that works similarly to a usual electronic wallet. It will allow users to make transfers and pay for purchases and can be used to acquire all kinds of goods and services.

MinePlex.Payment is an acquiring platform that allows for transactions in major cryptocurrencies and our own PLEX tokens. All transfers can be done directly, without the need for conversions or the involvement of third parties.

MinePlex.The marketplace is an online store that we are building together with a network of partners. The platform offers a wide assortment of goods, from household appliances to high-tech gadgets.

MinePlex.Finance is a new-generation digital bank that we recently launched. It combines traditional banking services with blockchain advantages and can be used as a digital account, a payment app, or a mobile wallet for main fiat currencies and PLEX tokens..

With what mission and objectives, the company was set up? In short, tell us about your journey since the inception of the company?

At MinePlex we believe that cryptocurrencies are going to shape the global payments scene going forward. By now this industry has already proven that it is not going anywhere, as more and more countries are considering adopting crypto into their economies.

Our company was founded with the purpose of improving the integration of blockchain into traditional finance. It is our opinion that by bridging the two industries a more advanced, next-generation payment system can be created, where people can pay for products and services with their crypto with as much ease as they do with fiat currencies today.

Today we are actively developing our ecosystem of products, thanks to which users are able to open multi-currency bank accounts, make transactions using various currencies, order delivery of physical and digital MinePlex cards, and much more.

Tell us a bit more about your own personal journey in the industry and the contributions you make to the company.

I have spent over 12 years working in FinTech and digital banking and my involvement with cryptocurrencies have been going on since 2015. It was around that time that I decided to take a closer look at blockchain technology and became interested in the potential advantages that could come from integrating it into traditional financial systems.

Two years ago, together with several partners, I began the process of establishing MinePlex, a mobile digital bank that is meant to allow its users to use crypto and fiat assets alike to conduct payments, banking operations, etc.

My previous experience with digital banking, e-commerce, and business management, in general, helps me in defining the company's long-term goals and guiding our team towards accomplishing them. It is our core ideology that, by combining the positive features of traditional banking and blockchain, MinePlex can help people make crypto an integral part of their lives.

How is MinePlex helping customers achieve their desired goals through the adoption of the company's technology innovations?

According to recent studies, the main reason that individuals and enterprises alike refuse to use or invest in a crypto is due to the general lack of knowledge about the technology and understanding of how the crypto market works.

As a partial solution to that, we have created an easy-to-use product that allows our clients to receive the advantages of the crypto industry straight after registering on our platform. They can employ our PLEX tokens in day-to-day matters on equal grounds with fiat currencies, paying for goods and services, making cross-border payments, and so on – all without needing any particularly advanced knowledge of the technology behind it all.

As for the enterprises, MinePlex provides them with the ability to accept crypto payments and use this new asset class as part of their infrastructure. This allows businesses to expand their active user audience by including people who favor crypto. At the same time, since it is our platform that handles all transaction-related matters, the client companies don't need to restructure their whole business processes to accommodate crypto assets. They can just continue working almost exactly as they used to.

What is unique about MinePlex that differentiates your company from competitors in the industry?

The thing that sets us apart is that our products answer a very real demand that exists in the payments field today. Not only do we offer faster, more efficient means of payment, but the most important thing about the MinePlex ecosystem is that our clients are fully able to manage their own funds.

We have created tools to ensure that users themselves are the sole owners of their digital assets and always retain control over them. This is the main advantage that blockchain technology and decentralized assets have been touting since the beginning.

Fiat money is never truly in the hands of the people, as it is issued and controlled by governments worldwide. We have made it our task to enable people to manage their funds themselves, in any situation, from anywhere in the world.

And at the same time, MinePlex is aimed at increasing financial literacy, because owning cryptocurrencies carries a sense of being 100% responsible for your own money. When we delegate the responsibility for our fiat funds to banks, it also means that we are delegating asset ownership. With crypto, the user takes complete responsibility for the assets under their ownership, and they have to be prepared for it.

How do you see the company and the industry in the future ahead?

MinePlex defines its end goal as uniting crypto and traditional banking into one global financial system. To accomplish this, we constantly work on scaling our ecosystem and introducing new products and financial instruments.

As the crypto industry continues to develop and gets progressively more accepted into modern society, we expect to see millions of crypto users across the world using their funds seamlessly to conduct all kinds of transactions.

For businesses, our goal is to eventually connect to thousands of stores worldwide and have them be part of our global partner network. Our team is constantly looking into new opportunities to consult companies on crypto adoption and empower them through our services.

Today we see that many financial services today are paying greater attention to the growing need of consumers for better payment options they can use for common purposes, such as shopping and entertainment. While there is still a layer of regulatory uncertainty present in regards to crypto, we can confidently say that the digitalization of finance will continue, and at MinePlex we intend to do our part to drive this evolution.