MinexSystems Completes ICO Ahead of Schedule, Partners with Major Bank

MinexSystems Completes ICO Ahead of Schedule, Partners with Major Bank

The cryptocurrency community is increasingly leaning towards ICOs as a mode of raising investments. The crowdfunding method is much better than conventional angel and VC investments as it will allow the platforms to get community buy-ins much before the official launch. MinexSystems is one such blockchain platform that completed its first stage of ICO ahead of schedule by forging a very important partnership.

According to the Ukrainian blockchain platform, MinexSystems has partnered with an undisclosed European banking institution to support its Minex Bank. MinexSystems has not divulged the name of the bank, citing the agreement terms which prevents it from doing so until the deal is finalized. But the involvement of an established conventional financial institution in the project contributes to Minex platform’s credibility.

As a part of the agreement, MinexSystems has offered a share in the nominal capital of Minex Bank in the form of unsold Minecoins from the first stage of its ICO. AS a result, the ICO was ended much before the actual date and MinexSystems has transferred the unsold 10995275.5 MNCs to the partner bank for a payment of 1705.44 BTC against the coins.

The banking partnership follows the inputs received by the team in the recently held voting campaign. The campaign participants chose a hybrid model for Minex Bank’s operations instead of completely automated or manual methods. They reasoned that creators should have some form of control over the system they have created and if by chance the algorithm has an error, there should be an option for humans to correct it.

The MinexSystems team has accepted the views put forth by the community and are currently working on creating a flawless banking system with a combination of human and artificial intelligence. The partner bank will be instrumental in helping the development team in this regard and may also be willing to test its products in real time environment.

Following the unscheduled completion of Minecoin ICO, the platform has announced its plans to open the second stage of ICO sometime in the spring of 2017. Meanwhile, those who already bought Minecoins in the first stage can trade the digital currency using the new coin transfer function.

In a recent press release, MinexSystems has advised the participants of previous ICO stage to change the security credentials of their personal accounts on Minex platform. They are also requested to activate 2-factor authentication for additional security.

The MinexSystems is right on schedule with its development, constantly building new features and winning awards in the process.

MinexSystems: http://www.minecoin.org/


Related News

Bitcoin 2014 Conference Schedule Now Available

The Bitcoin Foundation today announced that the schedule for the highly-anticipated Bitcoin 2014 conference in Amsterdam is now available for viewing the event's official site. The event, which takes from from May 15th through the 17th will feature Overstock.com CEO Patrick Byrne as the keynote speaker (he will be speaking on Friday the 16th at 9AM local time). A number of other well-known entities in the bitcoin community will be speaking, of which include Jeremy Allaire of Circle Internet Financial, Chief scientist at the Bitcoin Foundation Gavin Andresen, and BTC China CEO Bobby Lee.....

Bitcoin 2014 Amsterdam Conference Releases Full Schedule

This article was updated on 9th May to reflect changes in the conference's speaker lineup. Bitcoin 2014, a European conference held in association with the Bitcoin Foundation, has released a schedule of planned events via its website. The conference will be held from 15-17th May at Passenger Terminal Amsterdam in the Netherlands. Patrick Byrne, CEO of Overstock and the largest retailer to currently accept bitcoin, was previously announced as a keynote speaker. Additional speakers will include Circle CEO Jeremy Allaire, BTC China CEO Bobby Lee and Bitcoin Foundation Chief Scientist and....

Overstock.com to Become First Major US Retailer to Accept Bitcoin

Major online retailer Overstock.com plans to accept bitcoin as payment from the second half of 2014, according to various reports. Website newsBTC first broke the news, with reports in MarketWatch and FT.com later confirming with Overstock.com's CEO, Patrick Byrne. The company had hinted at accepting bitcoin in a New York Times interview in October, but Byrne said he was waiting for more legal clarification before going ahead. It now seems to be moving towards a more definite schedule. With over a billion dollars in annual revenue, Overstock.com (increasingly branded as O.co) would be by....

Xapo Responds to Backlash Over Bitcoin Debit Card Fees

This piece has been updated with statements issued in a new Xapo blog post. California-based bitcoin wallet provider Xapo is facing community backlash following the release of its latest product, the Xapo Debit Card. Xapo started shipping the cards on 30th July, roughly one month after its original estimated launch date. Yet the news has largely been overshadowed by the company's recently published fees and limits schedule. The schedule eventually found its way to reddit, evoking a strong response from customers who were upset to find the product would be more expensive than they....

Chase Support for Samsung Pay Brings Competition To Bitcoin

Samsung Pay is getting ahead of its competitors thanks to its innovative technology for mobile payments. Now that Chase Bank is supporting Samsung Pay as well, this mobile payment option is far ahead of Android Pay and Apple Pay. Despite this positive news, Bitcoin remains the most versatile mobile payment method available today, although mainstream adoption is still far away. One of the main concerns with these various mobile payment solutions is how fractured the ecosystem truly is. Samsung Pay, Android Pay, and Apple Pay are all suffering from the same problem: lacking support from....

Quotes

About 5 years ago someone asked me to stream a gig live on second life for hundreds of thousNds of bitcoins, as if I said.

Lily Allen, Singer, songwriter, actress, and television presenter