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MinexSystems has the goal of breaking down the barriers between cryptocurrency and fiat, and they are putting their plans into action with a public test run of Minex Web Wallet and MinexPay, which will allow users to seamlessly deposit fiat to their bank cards.
Currently, there is no bank in the world that operates using both cryptocurrencies and fiat, so it is not possible to hold a cryptocurrency balance on an actual bank card. Furthermore, MinexSystems recognizes that it is not crucial to make a direct relationship with any particular bank or bank card service. Rather, the important thing is to build the infrastructure to convert cryptocurrency into fiat currency, and then to transfer that fiat currency to a bank card. In this way, any bank card in the world could be used to receive fiat from converted cryptocurrency.
Minex Web Wallet Will Seamlessly Convert Crypto To Fiat
With this in mind, MinexSystems has focused on perfecting the Minex Web Wallet, which is built to ensure that the subsystems that exchange, transfer, and control money flow between cryptocurrency and fiat function perfectly. In the future, any bank card could be added to the Minex Web Wallet, and no contractual agreement with a bank is required. This decentralizes the system, since the severing of a relationship with a bank is not a point of failure, and there is no contractual relationship, to begin with. The CEO of MinexSystems, Boris Shulyaev, said the following:
“We want to provide a seamless service for any customer, wherever he or she is. MinexPay is the only solution designed to work globally. We believe that cryptocurrency holders want to use their crypto funds as ordinary money. This is why we focused on the MinexPay Web Wallet service first, with the card as a financial management instrument”.
MinexPay to Link Crypto with Cards
The dream of many cryptocurrency users is to have a bank card that they can use to spend their cryptocurrency, and that is the purpose of MinexPay. Users of the platform will not be spending actual cryptocurrency when they use a MinexPay card for purchases, but rather the fiat from converted cryptocurrency.
As a test run, MinexSystems is using PrivatBank Mastercards that hold balances in EUR. MinexSystems stresses that these PrivatBank Mastercards are not crypto cards – rather they are regular banking cards that they are legally allowed to integrate with the Minex Web Wallet and MinexPay ecosystem. Customers will have a personal relationship with PrivatBank and Mastercard and must complete all applicable know your customer (KYC) verification for these platforms.
Participate in the MinexPay Test Run Now
Minexcoin (MXN), a cryptocurrency with a USD 4 million market cap, invites its users to participate in this MinexPay test run. Other cryptocurrency users, in general, are also welcome and should send an email to [email protected] in order to setup an appointment at the MinexSystems office.
The test run MinexPay cards will only be handed out directly, and not sent through the mail. That being said, MinexSystems would love to give out cards to users from all over the world and says they will assist users in arranging their visit in any way they can.
Once the MinexPay test run with the PrivatBank Mastercards is complete, officially branded MinexPay cards will begin being distributed. These cards can be purchased with Minexcoin on the MinexPay website, but of course, customers must wait until the test run is complete.
Officially Branded Cards And Chain2Pay Coming Soon
Furthermore, once the Minex Web Wallet is thoroughly tested during this test run, Chain2Pay will be launched, which allows users to link the Minex Web Wallet to any personal bank card. This technology has the potential to compete with Bitcoin ATMs, since using Minex Web Wallet and a personal bank card to convert cryptocurrency into fiat is much more efficient than going to and waiting at a physical Bitcoin ATM. Furthermore, there is a 0% conversion fee when using MinexPay or Chain2Pay, far cheaper than the 5-15% conversion fees charged by Bitcoin ATMs.
Check out the different cards available for purchase with Minexcoin on the MinexPay website, chat with MinexSystems employees and users on Telegram, and read the Minexcoin Bitcointalk thread for more information.