A new payments network built using cryptocurrencies that brings buyers & sellers closer together in order to cut processing cost, eliminate fraud, and preserve privacy called ‘flexa‘ was launched today.
The guys who built flexa explained the concept in a blog post on Medium:
We built Flexa because we believe that the existing payments infrastructure is broken. The typical cash alternatives—credit and debit cards—are expensive for merchants and prone to fraud. Even worse, each new card is less efficient than the last.
So, instead of bolting cryptocurrency payments on top of debit cards, we took the opposite approach. Over the past year, we’ve built new connections with tens of thousands of merchant point-of-sale terminals nationwide, to bypass the existing payments infrastructure and push cryptocurrency-based payment authorizations directly to merchants on your behalf.
We call these payment authorizations “flexcodes,” and starting today, you can use them at fifteen of the biggest and most forward-looking brands on the planet, each of whom were carefully curated to incorporate spending from every sector. We’re just getting started, and already you can spend your cryptocurrency on everything from apparel to entertainment and in between.
The team has now launched its 1st app on the flexa networkcalled SPEDN. For now, you can use the flexa network to purchase from Barnes & Nobles, Baskin Robbins & Jamba Juice.
The new network has also aligned with Gemini, a regulated & secure cryptocurrency exchange & custodian based here in New York. The partnership means that every SPEDN wallet is securely “custodied” & fully insured on Gemini’s NYDFS-regulated infrastructure. It also means that flexa has been able to add the Gemini dollar — the world’s 1st, regulated, dollar-pegged stablecoin — to the flexa network, so that customers can spend cryptocurrency without worrying about volatility.
This means that starting today, you can spend Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), & the Gemini dollar (GUSD) at any of the merchants currently accepting payments on the flexa network.
For more, read this announcement.
Image Credit: flexa
