Category Archives: Flexa

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Telecom Giant AT&T Joins Growing List of Services Accepting Bitcoin

Telecom Giant AT&T Joins Growing List of Services Accepting Bitcoin

AT&T Inc, the world’s largest telecommunications company based in Dallas, Texas has now made Bitcoin payment available to its more than 150 million subscribers.

Although new transaction research indicates that Bitcoin will still need a decade of adoption and technological development before it can overtake competitors like Paypal, Visa, and Mastercard, multinationals are beginning to take a good look.

The telecommunications giant has become the first of such in the US to accept Bitcoin for payment as the mobile carrier moves with the times. It is a necessary improvement, according to vice president of AT&T Communications Finance Business Operations Kevin McDorman:

We have customers who use cryptocurrency, and we are happy we can offer them a way to pay their bills with the method they prefer… We’re always looking for ways to improve and expand our services.”

Merchant acceptance of Bitcoin and other cryptocurrencies as a payment method is increasing monthly with both the Flexa network and its SPEDN app extending payment methods to include crypto among some of the largest brands, including Whole Foods, Lowe’s, and Nordstrom.

The move by Starbucks is well documented, and waiting for a green light, whilst the Lightning Network, Coinbase Commerce and BitPay, are all beginning to attract those wanting an alternative method of payment to Visa and Mastercard.

However, Coinbase has gone with Visa for its UK based clients. The Coinbase card is another move designed to keep its UK based clients happy in a growing competitive market where major exchanges are pushing for new clientele. The card is authorized by Paysafe Financial Services Limited and by powered by customers’ Coinbase account crypto balances.

How long it will be before household bills can be paid using Facebook is anyone’s guess after the announcement that the social media platform plans to launch its own GlobalCoin in 2020.

 

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Pay with Bitcoin at Whole Foods, Nordstrom, Major Outlets

Pay with Bitcoin at Whole Foods, Nordstrom, Major Outlets

Giant retailers such as Whole Foods, Barnes and Noble, and Crate & Barrel are now Bitcoin merchants allowing customers to pay in the world’s favorite cryptocurrency. And apparently, they won’t even know if you’ve paid in Bitcoin.

A new partnership was announced between fintech payments startup Flexa and Gemini, the cryptocurrency exchange platform operated by the Winklevoss brothers. Tyler Winklevoss notes:

“Together, by providing Flexa with trusted custody and infrastructure, we hope to profoundly improve the payment experience; and merchants who are currently subject to overly complex, expensive legacy systems of credit and debit cards stand to benefit significantly.”

All the cryptocurrency deposited in the SPEDN mobile app will have Gemini as its custody, which will probably make the entrance for newcomers more comfortable at first. Interestingly, the cashier processing the payment with the consumer’s app won’t even be aware if the payment is made with crypto, although they can choose crypto and fiar settlements. As of now, users can choose Bitcoin, Ethereum, Bitcoin Cash or Gemini Dollar, the native stablecoin of Gemini.

Many others are now embarking on massive Bitcoin campaigns, fighting for it to gain even wider recognition among traditional circles. Grayscale Investment is one attacking even the core asset for storing value, with its digital #dropgold campaign gaining traction.

 

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New York Start-Up Raises $14.1 Million for Blockchain-Based Settlements in Retail Market

US-based startup raises USD 14.1M for blockchain-based settlements in the retail market

In a press release dated 11 April, New York-based Blockchain start-up Flexa has announced that it has raised USD 14.1M to develop a payments network for retailers. Flexa has raised this amount in a private token sale which involves 1kx, investment firms Nima Capital and Access Ventures. Hedge fund Pantera Capital was also a part of the token sale, among others. The company aims to create and develop a payments network for retailers that would significantly drop costs, fraudulence and other overhead costs by means of Blockchain based payments and settlements.

Flexa co-founder and CEO Tyler Spalding said,

“The anti-fraud and cost benefits of global cryptocurrency payments are enormous, but there are many barriers to mainstream adoption for merchants and consumers alike. Flexa is going to change that.”

Flexa has also revealed that it is planning to release an app wherein customers can perform tasks and conduct transactions with the cryptocurrencies that they own.  However, Spalding refused to specify which merchants will accept Bitcoin through this app. A few video tests show users buying coffee from Starbucks in it.

Flexa’s token, which is known as Flexacoin is an Ethereum-based ERC-20 token. Developers and businesses will stake value on Flexa’s network using Flexacoin, for merchant payment processing. Spalding stated that the merchants would not be required to hold or spend Flexacoins. Flexa co-founder Trevor Filter said that the details regarding such governance and participation are still under development.

This becomes evident to the fact that Blockchain based settlements are being widely implemented in the retail industry. It serves as a step for the technology to be adopted in the wholesale sector and beyond, which remains vital for the wider adoption of Bitcoin globally.

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