Cryptocurrency payment startup Flexa has received a $14.1 million investment through a private token sale. Several capital ventures, including Pantera Capital and Access Ventures, have raised that amount in collaboration. The money will be used to build the Flexa network and allow consumers to do micro-payments using other cryptocurrencies, including bitcoin.
The token in question is called Flexacoin (FXC), which is an ERC20 token that can be used by developers and businesses to stake and receive interest. At the same time the Flexa network will take care of payment processing. The company is aimed at business-to-business, and consumers don’t need to worry about Flexacoin at all. The network should enable consumers to pay with for example bitcoin at any point-of-sales.
The process uses cryptocurrency wallets, and therefore the transactions remains quite anonymous. At least personal information is not as exposed as it would be with regular credit card payments. Flexa also plans on adding stablecoins to their portfolio. Right now the company is focused on partnering with exchanges and merchants.
Currently FXC is $0.002032, and there’s a circulating supply of 40 billion tokens. This means the project is currently valued over 81.2 million dollars. The token can be bought on the IDEX exchange, where it’s paired against Ethereum.
Starbucks was already rumored to embrace crypto. Currently there are many companies trying to bridge the gap between crypto and traditional payments. Kyber Network wants to extend its coin swap service to enable consumers to spend every ERC20 token in stores. Opennode is another example, and so is PundiX, while Bitcoin‘s lightning network is aiming lower transaction fees in order to compete with other coins as a way to transfer value.
Also published on Medium.