blockchain: Cryptos and blockchains to shape global payments scene going forward : Alexander Mamasidikov

The financial sector of the new era is undergoing a dynamic transformation as the existing system is not enough to meet the growing demand of the customers. A number of people have shifted to cryptographic assets that are recognizing these needs.

It is a popular opinion among fans that cryptocurrencies and the blockchain will play a prominent role in the future of payments as the financial market takes the next step in its evolution.. Alexander Mamasidikov, co-founder of MinePlexa next-generation mobile digital bank that uses cryptography in its services, shared its view on this notion among others.

How did the idea for MinePlex come about and how did you make it happen? How was your journey in the industry and what is your central idea about it?
To give you an overview: My journey in cryptography began about 7 years ago when I became interested in blockchain technology. At the time, I had been in digital banking and fintech in general for over 12 years, and when crypto and blockchain appeared, I was curious about the benefits they could bring if they were integrated with traditional finance.

Together with several partners, I decided to set up MinePlex, a mobile digital bank that allows users to operate cryptographic and fiduciary assets alike in their payments, banking, and so on. We set out to expand the presence of the blockchain in the global financial system and offer accessible and comprehensive tools that would give an average person a way to pay with crypto as easily as they do with fiat.

Today MinePlex is a multifunctional ecosystem that offers individual and enterprise-level solutions for conducting financial transactions with cryptocurrencies and fiat. We operate on our own blockchain network and build a product system on it.

At the core of MinePlex and its services is a unique development of ours called CrossFi. It is a technology that takes the stability offered by traditional financial instruments and enhances it by adding the elements of security and transparency that come from the blockchain.

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What are the key geographic markets for Mineplex? Is India among your next growth plans? Do you think that despite the aggressive fiscal policy on virtual digital assets (VDA), India still has the potential to be a key player in the ecosystem?
As for the geography of MinePlex services, our priority lies in countries where people need affordable financial instruments and banking services. MinePlex seeks to give them the opportunity to conduct transactions without being tied to offices and the availability of online financial services.

The Indian market, in fact, represents a very attractive expansion option for us due to many factors. India is one of the fastest growing countries in the crypto and fintech industry. It ranked second among the countries with the largest number of Internet users, close to 66 million.

In last year’s Chainalysis Global Crypto Adoption Index, India ranked second among countries that are seeing strong growth in the use of digital currency. The cryptocurrency allows the country’s residents to save on transfer costs, make savings and invest. Therefore, it is safe to say that the level of adoption of digital assets in India can only be expected to increase.

How is crypto payment and fintech changing around the world and how fundamental MinePlex has been on this journey? What are your plans for making it bigger and what is the timing for it?
Previous history and personal experiences show that the financial sector evolves when and where it is needed. Given how cryptocurrencies and blockchains have proven to be here to stay, we are now seeing attempts by regulators to adopt them into the existing system. But progress on this issue is quite slow, as regulators and governments are struggling to keep up with the fast pace of the crypto industry.

We hold the position that the implementation of the blockchain is necessary for the evolution of payments, and it is necessary now. People should receive tools for easy and convenient use of cryptocurrencies in their daily lives. A simple service with a comprehensive and user-friendly interface – that’s the kind of solution the payment market is looking for right now.

In response to this demand, we have created an understandable and convenient product that our customers do not need any advanced knowledge to use, they just need to know that it works. With our solution, average users can open multi-currency bank accounts, multi-currency transactions, request the delivery of physical and digital MinePlex cards, and more.

Cryptocurrencies are going to shape the global payments scene in the future and with MinePlex people can really make digital assets an integral part of their lives.

If you do a SWOT analysis for mineplex, what are the main strengths and opportunities you see for your business? Also, do you explain about the weaknesses and possible threats you would like to work on? What is different about competition?
The main advantage that differentiates us is that MinePlex solutions respond to the realities and needs of the current payments industry. We offer faster and more efficient means of payment, but most importantly, our customers can manage their own funds.

As we have seen in recent times, politics can interfere in all walks of life. This can affect the stability of regular financial instruments and cause unrest among ordinary people. We aim to address this and create alternatives and new experiences for all of our users.

With our solutions, customers can manage their own tokens and trust assets in a single application, make cryptocurrency transfers in seconds, withdraw cash from any ATM, pay for tokens purchases, and more. We have created tools to ensure that MinePlex customers are the sole owners of their digital assets and always maintain control over them.

Cryptography enthusiasts have been highlighting this as one of the biggest benefits of decentralized assets since the beginning of this industry. Fiat money is never really in the hands of the people, as it is issued and controlled by governments. We have done our part so that people can manage their funds themselves, in any situation and from anywhere in the world.

The decentralized nature of cryptocurrencies offers many advantages, in addition to their share of risks. This must be taken into account when entering this market. Owning cryptocurrency means being 100% responsible for your own money.

When we delegate responsibility for our trust funds to banks, it also means that we are delegating some degree of ownership and asset management. When it comes to cryptography, the sole responsibility for the assets lies with their owner, and you need to be prepared for that.

What is CrossFi technology? Can you explain what you do? How much potential does this particular topic have and do you know of any other great projects on this topic?
CrossFi (Cross Finance) is a new word in fintech that we present. It is a scalable solution of global application, unique in its nature.

It combines traditional financial instruments with the blockchain to allow people to use cryptocurrencies on a daily basis as they would with fiat. It can be used to pay for goods and services directly and without intermediaries, reduce transaction costs and delays, and make cross-border payments more efficiently.

CrossFi adds value not only to individuals but also to businesses. With our solution, companies can acquire the ability to accept cryptocurrencies and adopt digital currencies within their infrastructure. This allows companies to keep up with rapidly evolving financial systems and expand their audience of users including people who are enthusiastic about cryptocurrencies.

This technology is our way of driving the development of a next generation global financial ecosystem.

How do you see the company and the industry going forward?
MinePlex has set out to combine crypto and traditional finance to build a more advanced payment system that meets the growing demands of today’s society. This is our mission, and we are constantly working for it by expanding our ecosystem and introducing new financial instruments, with CrossFi being crucial in these developments.

We believe that the digitalization of finance will continue as legislators and financial services focus more on meeting the needs of their consumers for faster and more flexible payment systems. We are constantly looking for new opportunities and partnerships in various fields and industries. Our team consists of experts with experience in integrating payment solutions into various types of organizations.

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