MinePlex is another interesting blockchain/cryptocurrency solution to a problem that has plagued people for decades – banking fees. It’s a relatively new cryptocurrency being released in December 2020, but it has made quite an impact in that short amount of time.
Anyway, this article will cover everything you need to know about MinePlex. We’ll also offer a prediction on the future of this project.
What is MinePlex?
Basically, MinePlex is a cryptocurrency bank with its very own mobile app. You really can think of it as a cryptocurrency bank that allows fast payments at a low fee. In that way, it is actually quite similar to Stellar Lumens.
However, it gets even more interesting with MinePlex because it will have the ability to support over 20 different cryptocurrencies, so you can have easy access to your wallet in one easy-to-use place.
Another huge benefit of MinePlex is that it has a MasterCard attached to the wallet. This allows one to use the card, rather than dealing with the blockchain transaction, to pay for services at anywhere that accepts MasterCard.
That feature is an interesting mixture of traditional finance with cryptocurrency.
What Makes MinePlex Unique?
There are similar solutions to MinePlex out there, but MinePlex does have some things about it that make it unique. These include the following:
MasterCard Debit Card
The first thing that makes MinePlex unique is that it has a MasterCard debit card attached to the wallet. As mentioned previously, this allows a user to use their MinePlex balance at places that do not typically accept cryptocurrency, but that still accept credit cards.
This is something we like to call a bridge solution. Cryptocurrency isn’t really accepted anywhere, so the MasterCard debit card serves as a nice bridge to allow people to use their cryptocurrency until cryptocurrency is accepted in more places.
Overall, this is a unique solution to a big problem with cryptocurrency – it’s cumbersome to use cryptocurrency for daily transactions.
Two Token System
The other solution we like is the two token system for the wallet. This works by having one token – Mine – used to pay internal fees on the network. Mine has a value of $0.01 to keep things simple.
The other token – Plex – is the more interesting token as that is the one used for external transactions and it has a value that fluctuates like any other cryptocurrency. Plex is deflationary because the supply decreases over time and the block reward decreases. It’s similar to Bitcoin in that regard.
Personally, we’re a big fan of the two token system for cryptocurrencies as it keeps the token a little more stable. It’s not unique, though. Many cryptocurrencies offer this solution for transactions.
MinePlex P2P Exchange
Finally, MinePlex also has a P2P exchange that allows users to quickly sell different types of cryptocurrency all within the wallet. Other mobile wallets offer this solution, but MinePlex does it P2P.
It’s a little more decentralized this way, which is much more at the heart of the purpose of cryptocurrency.
MinePlex Founders & History
MinePlex was founded by Emirati businessman Sulaiman Al-Fahim. His main focus has been real estate and other business activities, but he assembled a team and launched MinePlex to offer a solution to real time payments using cryptocurrency.
Al-Fahim is a relatively well-known businessman in the Arab world. And he has brokered many international deals in real estate, sport, and other industries. Experience like that will certainly serve well for developing MinePlex into something more than just another cryptocurrency wallet.
As for the history, the genesis block of MinePlex was mined in October 2020. The full launch of the project did not begin until December 2020, though. The launch of the blockchain served to raise investor funds and ensure a fully operational blockchain.
MinePlex Price, Market Cap, and More
Plex currently costs about $0.40 per token, which is relatively high considering it has a total supply of around 100 million. That price gives it a market cap around ~$40 million.
Unfortunately, CoinMarketcap does not list the market cap for Plex due to issues determining the total circulating supply, so the $40 million market cap is simply an estimate.
MinePlex Price Prediction
MinePlex looks like a promising cryptocurrency project. We like that it combines blockchain with real world use. As mentioned previously, it’s a bridge between the cryptocurrency world and real life use of cryptocurrency.
It’s also a relatively new project only being fully launched in December 2020. And it still does not have all the features on it that will increase usability (multi currency support or a full marketplace).
With that in mind, it’s a good speculative investment. If the project can come through with all the features promised, then it’s likely to see an increase in price for the duration of the current cryptocurrency bull market. It also has a lot of money (and connections) behind it from the founder Sulaiman Al-Fahim.
At a price of $0.40 and only available on two cryptocurrency exchanges, we would consider it a good speculative purchase.
How to Buy & Store MinePlex
Plex is currently only available on two cryptocurrency exchanges – Stex and Bibox. Those are both small exchanges, but Plex does have decent trading volume on both exchanges with about $28 million traded per 24 hours between the four trading pairs offered.
The trading pairs are BTC and USDT, which are fairly standard for altcoins at this level.
Finally, storing Plex is easy. Remember, the project is a mobile banking app, so you can easily store Plex on your smartphone with the app. A desktop wallet is not currently available, though.
Well, that’s about it for everything you need to know about MinePlex. It’s a cryptocurrency project that offers a solid solution to a problem that many cryptocurrency users face on a daily basis.
The project is only in the beginning phases, but the roadmap laid out in the whitepaper looks promising for the future of the project. Plus, the team that MinePlex has assembled appears to have the knowledge, connections, and resources to make a difficult solution like MinePlex successful.