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Cryptocurrencies

Web Wallet public test created for MinexPay crypto cards

Monday 24 December 2018 | 12:50 PM CET

MinexSystems has created the Minex Web Wallet, for the MinexPay ecosystem, to ensure all the processes involved in converting cryptocurrency into fiat.

This is meant to be spent as a regular fiat bank card. However, currently, there aren't any cryptocurrency banks that allow customers to hold funds in cryptocurrency, such as Bitcoin, and it is not yet possible to own a cryptocurrency bank account with a balance available to spend in crypto, the same way as fiat.

MinexSystems suggested that cryptocurrency holders want to use their crypto funds as ordinary money. This is why they focused on the MinexPay Web Wallet service first, with the card as a financial management instrument. This means that a plastic card itself is not a critical component of Minexpay, but Minex Web Wallet. Moreover, the Minex Web Wallet was designed so that MinexPay users can make fast payments. The MinexPay's system can work with virtually any type of bank payment, and be connected to the Minex Web Wallet as the card issuer does not matter.

As a result, to ensure that the entire MinexPay process is user-friendly and bug-free, MinexSystems have launched a public beta test with cards issued by Ukraine's PrivatBank. They are not cryptocurrency cards, as cryptocurrencies will not be sent to users' bank accounts. MinexSystems' liquidity providers will facilitate the exchange from cryptocurrency to fiat, which allows them to conduct a test while ensuring that the MinexPay is fully legally compliant.

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