Shoppers Can Spend Crypto at 15 Major US Retailers. Spedn’s goal is to make cryptocurrencies spendable everywhere via the Flexa network.
Major American brands such as Barnes & Noble, GameStop, and Whole Foods Market are among the retailers accepting payments.
Payments startup Flexa unveiled an app where consumers can spend cryptocurrencies at major American retailers. The app was revealed during the first day of the Consensus conference in New York City on May 13.
Tyler Spalding, the company’s co-founder, announced to attendees that Spedn is already live — and an accompanying news release confirmed that Barnes & Noble, Bed Bath & Beyond, GameStop, Lowe’s, Nordstrom, Office Depot, and Whole Foods Market are among the stores now accepting payments via the Flexa network.
Spalding stated that Spedn’s goal is to make cryptocurrencies spendable everywhere while ensuring merchants receive payments precisely as they did before.
In a nod to the importance of simplicity when making crypto payments in brick-and-mortar stores, the Flexa executive said transactions could be made in three steps: adding crypto to the Spedn wallet, tapping a supported brand, and scanning a code.
Spalding added:
“If you want to buy some food, or maybe you want to go shop in the entertainment category, or maybe you also just want to find something for your home, or perhaps some clothing or accessories, all of these merchants are now live on the Flexa network as of today.”
Spalding explained that crypto purchases could be made using bitcoin (BTC,) ether (ETH,) bitcoin cash (BCH) as well as the Gemini dollar (GUSD) stablecoin. A more comprehensive partnership with the Winklevoss-founded Gemini means Spedn wallets are fully ensured through the exchange’s infrastructure.
News Release
In its news release, Flexa said Spedn resulted from 16 months of work behind the scenes, motivating to reduce processing fees and eliminate fraud for merchants. Instead of adding crypto payments as a feature to debit cards, the startup said it had taken a different approach by forging direct connections with retailers to go around the existing payments infrastructure.
Fifteen brands have been listed as launch partners, and others include Baskin Robbins, Caribou Coffee, and Crate&Barrel. Flexa added that deals with additional merchants would follow in the coming months.
Although Spedn is initially only available to Consensus attendees, Flexa says more invites will be released through the app itself.
Last month, the startup announced it had raised $14.1 million to further its then-unnamed payments network.
Retailers are increasingly beginning to accept crypto. As reported by Cointelegraph, Swiss online retailer Digitec Galaxus announced in March that it would take ten different types of virtual currencies for purchases worth more than $200.
The Flexa payment system converts cryptocurrencies to their real-time dollar value as payment to retailers. A few other retailers have piloted Flexa, including Barnes & Noble, Bed Bath & Beyond, Crate & Barrel, GameStop, Lowe’s, Nordstrom, Office Depot/OfficeMax, Petco, and Whole Foods Market.
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