“The boundaries between banks and cryptocurrency are already blurring,” – CMO of mobile cryptobank MinePlex


  • Russia is moving towards digitalization of the economy and the integration of cryptocurrencies into banking services

  • Russians can now pay utility bills in cryptocurrency

  • Security remains a key factor for cryptocurrency users

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The editorial staff of BeInCrypto spoke with the CMO of the mobile cryptobank MinePlex Alexander Mamasidikov and found out in which direction the process of merging the crypto industry with traditional finance in Russia in 2021 will go


At the end of 2020, traditional banking and the cryptocurrency market headed for convergence. For example, cryptocurrency deposits, lending using decentralized finance platforms, payments in cryptocurrencies through PayPal, and much more have become available to holders of digital coins. This trend will continue this year and may receive a new impetus, says the director of the mobile cryptobank MinePlex..

The past 2020 has become the year of the merger of centralized and decentralized finance, the penetration of traditionally banking products into the cryptocurrency market. To what extent this trend manifested itself in Russia?

A.M.: There is a trend around the world of creating crypto-friendly banks. The next generation of users will choose banks that support digital assets. However, at the moment there are few cryptobanks licensed for banking services. These are Swiss SEBA, Kraken Exchange and Anchorage. In Russia, due to the special legal framework and the contradictory attitude of the state towards digital assets, there are no similar analogs yet.. 

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What is the peculiarity of such projects, or as it is now customary to call neobanks. First, it is the integration of banking services into the crypto space. That is, users will be able to pay for utilities or make other usual payments using cryptocurrency. Special algorithms are able to instantly convert cryptocurrencies into rubles, so fiat currency is transferred to the seller’s final account. This does not contradict the legislation, but it opens up new opportunities for Russians. Secondly, the introduction of bank cards with support for cryptocurrency will speed up the process of adoption of crypto coins by the citizens of the country and increase the awareness of residents of Russia and the CIS countries about digital assets..

MinePlex Banking debit crypto card with automatic cryptocurrency conversion.

Does this mean that banking products such as debit and credit cryptocurrency cards will appear on the cryptocurrency market? How will they work in the country, given that Russia has introduced a ban on the use of cryptocurrency as a means of payment?

A.M.: Cryptocurrency cards are an obvious trend of the year all over the world. This is due to many factors: optimization of financial relationships between companies and individuals, minimum commissions, security.

Interest in the use of cryptocurrencies supports the development of government digital assets and the attention of institutional investors. In Russia, the attitude towards crypto cards and the legal aspects of the issue are still open. We do not exclude the possibility that many banks will support payments in cryptocurrency or digital currency of the central bank. As you remember, the Association of Russian Banks has already confirmed the need to create a digital ruble. This is a huge step towards the adoption of cryptocurrencies. My opinion: Cryptocurrency debit and credit cards are coming in the near future.

What about crypto deposits and crypto loans? Will cryptocurrencies be able to compete or even replace traditional bank loans, which still remain too expensive for Russians??

A.M.: Many companies are already developing or providing these services. For users, it is cheaper than traditional bank loans. And cryptocurrency deposits are much more profitable than bank deposits. In 2020, the government reduced the bank rate several times, which ultimately led to a decrease in interest on deposits. As a result, deposits began to have practically zero profitability, given the inflation rate.

In principle, on the territory of the CIS, and not only in Russia, deposits cannot be considered a profitable instrument. The maximum that a depositor can count on is to protect money from inflation. With cryptocurrencies, exactly the opposite. The rapid rise in the price of crypto coins makes crypto deposits a profitable investment tool. I think this direction will continue to develop in our country..

What other ways to make money on cryptocurrencies are available for Russians?

A.M.: We recommend choosing reliable ways to make money on cryptocurrencies without getting involved in financial pyramids. They differ in two main features: the absence of a real product of the company (let me remind you that trading is not a product) and the legality of the company..  

See Also: Cryptocurrency Fraud: What To Watch Out For

In fact, today there are many types of earnings on cryptocurrencies, which are most often associated with speculation in the market. I am against such approaches, so we created our own business model, which implies two types of income for the user: passive and active.  

For Russians, the issue of the safety of using cryptocurrency remains relevant. How to protect your assets from fraudsters and what technologies do you use?

A.M.: Indeed, the issue of security has remained relevant for several years. Despite the fact that data storage and transmission technologies are developing rapidly, hackers also do not sit idly by, and are looking for new ways to steal funds.. 

Therefore, I recommend adhering to the basic safety rules:

  • securely store the Seed phrase from your crypto wallet;
  • always check the site for phishing;
  • do not trade on the stock exchange without solid knowledge;
  • never buy cryptocurrency with credit money. 

It is necessary to understand and know the fundamental factors of the reliability of the cryptocurrency used. I will give an example of how it works for us. MinePlex has developed its own blockchain based on Tezos architecture, which has established itself as a true decentralized blockchain with over 1000 nodes. It is based on the sophisticated and robust programming language Michelson and Ocaml used in the aerospace industry.. 

Also, for the safe use of the crypto market and increasing the financial literacy of all users, MinePlex plans to launch its own University with educational courses. Its doors will open this year. 

Nowadays, the crypto-banking service is increasingly used. What is it and what is its peculiarity?

A.M.: Crypto banks offer traditional banking services, combining the security of blockchain solutions with the power of cryptocurrency. This means that digital assets are beginning to fulfill their key function – the elimination of geographic boundaries when using currency. Financial services will be available anywhere in the world with instant transactions and reliability, thanks to blockchain technology.

That is, using cryptobanking, users can make their usual payments: utilities, pay for purchases and loans? How it works?

A.M.: Crypto banking will act like a regular bank only using cryptocurrency. It will be possible to pay utility bills with cryptocurrency, buy a ticket, food or book a hotel, make an international transfer, etc. It will be available to all users anywhere in the world without having to visit offices 24/7. This will make life easier for a huge number of users of both cryptocurrency and fiat. According to forecasts, the number of potential users of mobile banking will exceed 3.6 billion people in three years.

In fact, cryptobanking makes cryptocurrency affordable even for beginners by combining banking and cryptocurrencies.?

A.M.: Yes that’s right. Cryptobanking will become a conduit for financial services not only for crypto users, but also for people in general who live in very remote corners of the earth and do not have the opportunity to use the bank. There are more than 101 million cryptocurrency users in the world now. Over the past two years, their number has grown by 189%. And this is just the beginning.

What are the project plans for 2021 and for the next 5 years?

A.M.: The mission of the MinePlex Banking team is to remove restrictions on access to the world of cryptocurrencies for users. The team’s actions are aimed at introducing accessible, understandable and simple financial instruments for using cryptocurrency and fiat. So, in January, the MinePlex payment gateway, crypto acquiring, was launched. We are planning to release crypto cards in March. Further, in 2021, a mobile application, P2P exchanger, marketplace will be implemented, MinePlex University will be opened.

In the next 5 years, it is planned to launch a decentralized messenger, open a line of credit using decentralized finance tools, and much more. We believe in the undeniable values ​​of the blockchain community and strive to incorporate technology into real segments of everyday life today..

Thanks for the conversation!


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