The cryptocurrency bank Mineplex is one of the first in the market to launch crypto processing services that has already gained popularity among not users not only from Europe but also from CIS countries. It is because the bank founders deeply examined the market needs and offered a solution that significantly simplifies the usage of cryptocurrencies even for those who are making the first steps in this arena. Convenient, user-friendly, and most importantly, secure service has already gained positive feedback from retail traders, holders, and institutional investors. In this interview, we discussed plans, perspectives and results of the crypto bank with the CMO & Co-Founder of Mineplex Alexander Mamasidikov.
Q: Alexander, today cryptocurrencies are not exactly a new discovery, as it was 5 years ago. How are things with crypto processing? How popular is this type of service and how is it going to develop in future?
А.M.: One of the crypto market drivers is the recognition and interest towards cryptocurrencies around the globe, attention from governments and international investors. Let’s look at the numbers. For example, bitcoin’s value has grown 800%, in comparison with last year. This is a very impressive result as no other investment asset whether it is shares, obligations or indexes, has ever shown such a growth in price. Secondly, Wall Street investors, that have long denied digital assets the status of profitable investments, are now becoming more and more interested in cryptocurrencies. What do we observe today? Morgan Stanley and several other companies are already considering adding bitcoins to their investment portfolios. Naturally, the rise in cryptocurrencies popularity leads to the rise in the popularity of related services, such as crypto processing. Crypto processing also becomes an integral part of the modern world. The advantages include safety, fast speed, low commissions and lack of geographical boundaries. All this makes crypto processing a solid leader for the next 5-10 years.
Q: In fact, Cryptorobotics is an instrument for crypto finance management. Can it be seen as an online banking analogue? What functions does the platform provide for financial control and accounting? Why have you decided to cooperate with it?
А.M.: Cryptorobotics is a terminal for automated trading of cryptocurrencies and crypto derivatives, it is not an online banking analogue. Nevertheless, the platform offers a list of products that provide users with fast access to trading and other services. That includes an analytical dashboard that allows seeing a share of investment assets in the portfolio, monitoring balance changes, and connecting various algorithmic solutions for its growth, by which I mean robots, auto following analytics. Also, the platforms make it possible to place assets from an account in cryptocurrencies, for example, to smart orders that include stop losses, take profit, trailing stops etc. I have not seen such features at banks or crypto exchanges. There are also important differences: we plug into the exchange via API keys for trading and it is not possible to withdraw money from our terminal. For that, it would be needed to go directly to the crypto exchange and place withdrawal orders there.
As for the partnership, I must say that we have been long looking for such a project with trading platforms but we could not find the right platform. Cryptorobotics became this ideal partner with whom we share values, approaches and operating principles, and with whom we help our users to try trading, gain new skills and experience. Cryptorobotics services can be purchased for our utility token Plex, and it further simplifies the process for our users.
Q: The crypto processing technologies are more oriented towards B2B or B2C? What opportunities do Cryptorobotic and MinePlex bring to these clients?
А.M.: The popularity of the service in the B2C sector is explained by its availability and reach. For example, at the end of March, the number of users of bitcoin wallets exceeded 70 million people and this is only bitcoin wallets. MinePlex processing among other things will automatically convert payments to local currencies at the client’s accounts. Blockchain technology ensures fast payments processing and transparency of transactions.
B2B payments are also a priority for MinePlex but this segment is directly influenced by the cryptocurrency regulations. It is expected that the EU Commission directive might appear in the third quarter of 2021. According to analysts, in the nearest 2-3 years, the B2B sector will see great changes in payment systems and the implementation of blockchain technologies.
Q: It is widely known that young generations like generation Z follow free lifestyle rules and are ready to live on the passive income from their investments. What investment opportunities for passive income do your projects offer?
А.M.: When in MinePlex we were developing our own blockchain, we embodied the unique instrument for staking in it. It brings the user passive income of 20% monthly with daily accrual of bonuses. Since staking is a part of the blockchain, all deposits and payments are transparent. They are governed by the mathematical algorithm, and therefore, can not be falsified.
The Cryptorobotics goal was to create a solution that allows managing the investment crypto portfolio from any device, whether it is a smartphone or a computer. And it is very important that all robots and services are in the cloud, therefore, they function 24/7, even when the computer or the smartphone is turned off. There are many instruments that equally suit investors and users with a lack of skills in trading, for example, mono robots or auto-following. To use these products, it is necessary to choose the amount of funds, decide on the strategy – conservative, balanced, or aggressive– and push the start button. After that, it is enough just to monitor the balance changes. On average, in the last 2 years, our users got about 7% a month – all statistical data is shown automatically in the terminal. Our services work with three main currencies: BTC, ETH, and USDT. A user can combine them, and diversify a portfolio by using different instruments simultaneously at the same exchange. You are welcome to visit the platform and try it out. It is very convenient.
Q: It is not a secret that data security and safeguard of assets remain the main problems in the modern cryptocurrency world. What systems for protecting finances do you use? How secure are these measures in protecting user’s assets from hacker attacks?
А.М.: We can’t reveal all the implemented measures for safety reasons. But here are the examples:
- Safe connection via API keys for your exchanges (without a withdraw function),
- Users’ keys are stored in the protected database with 256-byte hash encryption,
- Users’ accounts are protected from brute force attacks,
- Additional two-factor authentication of the Google Authenticator and hash encryption of the user data in the database,
- Terminal does not work with users’ keys in the interface, making data breaches impossible.
Q: Largely, crypto projects are focused on retail users. Are you offering any solutions for government agencies or, let’s say, banks?
А.М.: A lot depends on the jurisdiction. There are now several banks with a friendly stance towards cryptocurrencies, for example, SEBA and Revolut. At the moment, MinePlex is actively developing processes for banking. Our goal is to become the next generation crypto mobile bank by developing the neo banking trend in the crypto sector. We aim to provide clients with full-cycle banking services so they could use cryptocurrencies along with fiat.
Q: How will the cryptocurrencies market develop in the nearest 3 years? What will be the main trends in the market?
А.М.: The crypto market experiences exponential growth. During the last year, BTC has grown 15x, and all major banks and payment systems are already developing the infrastructure for market entry. Big bets are made on the Decentralized Finance (DeFi) area, and most probably, this trend will be there for the nearest years. I would like to also emphasize separately decentralized exchanges as these crypto exchange platforms are already gaining market share from the centralized exchanges. And of course, we can not ignore artificial intelligence, the implementation of which in crypto trading brings you additional opportunities.
Q: There is now an opinion that at the end of the day, the governments will ban cryptocurrencies and present CBDC instead. Is your platform supporting operations with this type of assets? Is it possible to ban the operations in cryptocurrencies in the modern world?
А.М.: There are plenty of opinions in our market, and all too often, they are opposing views. In our opinion, the cryptocurrencies ban today can happen only among short-sighted governments that upon this ban will get intellect and capital outflows. Our world today is multipolar, there is the internet. Some governments experimented, there is experience but there are no results. Most probably, CBDC will soon appear on both traditional and crypto exchanges as one of the assets that will bring the two worlds even closer. Most probably, in the nearest decade, we will observe how these two words fully merge. Of course, CBDC will be traded in our terminal as soon as crypto exchanges start to add them and use them along with stablecoins like USDT or USDC. We expect that the digital yuan will be the first among such currencies.