Cryptocurrency Marketplace: How it Really Works

Tanvir Zafar August 17, 2021

Cryptocurrencies are becoming more and more popular among users. And if a few years ago digital coins were used exclusively for trading or as investments, today crypto assets can be used to pay for goods and services around the world. For example, you can use bitcoins to pay for air tickets or hotels, to buy exclusive jewelry or luxury yachts. And recently, a fully cryptocurrency marketplace was launched, where the only currency of payment is the MinePlex token. We discussed with the co-founder of the MinePlex mobile crypto bank Alexander Mamasidikov the first results of the trading platform, as well as plans for the future.

Cryptocurrency Marketplace: How it Really Works

Alexander, tell us how the cryptocurrency marketplace sector is developing today? How popular are they now, considering that this segment was formed relatively recently?

A.M.: Today there are not so many cryptocurrency marketplaces on the market where a buyer can pay for a product or service with cryptocurrency. I would say that this segment is just beginning to develop. Although we are increasingly hearing that large companies, including payment institutions, intend to integrate cryptocurrencies so their users can directly use cryptocurrency assets. But these are all intentions for now. If we look at the current situation on the market, there are practically no cryptocurrency marketplaces. One of the few working cryptocurrency marketplaces is the marketplace from MinePlex, where users can buy goods for platform tokens, as well as use other services.

The marketplace from MinePlex became one of the first marketplaces that uses its own tokens as payment. Can you tell us about the first successes of the trading platform?

AM: It is difficult for me to talk about the success of our marketplace in comparison, for example, with other similar sites, since there are no analogues of the MinePlex Marketplace in principle. In addition, we launched the marketplace just a few weeks ago, but we already have customers who have bought the product in full. We have already sent the order to our customers, and they were satisfied. There are also some customers who bought the product partially and took advantage of our new development-commodity staking.

What is commodity staking? Tell us more about it.

A.M.: Commodity staking is a completely new and unique development of MinePlex, which allows you to get the missing amount to pay for the goods at the expense of staking. I’ll tell you how it works using an example. Imagine, you saw on our marketplaces a laptop or a smartphone that you have long dreamed of buying. The latest model, the most modern operating system, the necessary equipment, and even the color of the gadget is exactly the one you wanted. But you have only a part of the funds available. I don’t want to wait until my next salary or save money, because the product is needed now. In this case, commodity staking will help you. It is enough to choose a product, deposit the available amount of Plex tokens and transfer it to staking. As a result, you will be able to earn the missing part to pay for the goods on the MinePlex platform. As soon as the required amount is received as a reward for staking, it will be automatically transferred to the seller’s account, and the buyer will receive his long-awaited device.

Commodity staking is a profitable alternative to consumer loans.

To what extent are the suppliers of goods ready to work with cryptocurrency? How is the supplier-marketplace-buyer relationship organized?

A.M.: Our company works at the intersection of traditional and crypto-finance. In fact, MinePlex allows you to quickly convert fiat currencies to crypto and vice versa. This principle is just implemented on the basis of the marketplace. Suppliers receive payment for the goods sold in fiat money, and we undertake all services for accepting and converting crypto payments. For retailers, we offer another entry point to the market through a modern cryptocurrency marketplace. We are sure that over time more and more sellers and manufacturers of goods will cooperate with us.

Now we are finishing testing the marketplace with our internal audience. As soon as this stage is passed, we will be able to work with third-party users, attracting them to the MinePlex trading platform.

Are the marketplace services available only for residents of the CIS or for other countries too?

AM: The marketplace services are available to users from all over the world. We have established logistics and sales of goods, so any user from any country can purchase goods.

Tell us about the plans of the marketplace? Are you planning to expand your product line?

A.M.: We definitely plan to expand the product line. Today, we have received dozens of offers from suppliers to place their products on the MinePlex Marketplace, but we are not ready to add all the products offered yet. Now we are concentrating our efforts in two directions: technical and marketing. In the near future, we plan to update the corporate identity, launch a number of marketing events. We expect a big upgrade of the platform after the October halving. After that, a unified development strategy will be developed for all MinePlex services, including the trading platform.

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