Cryptocurrency payments at Starbucks, GameStop, Whole Foods, are happening right now. Crypto start-up Flexa has launched a closed beta phase for its new SPEDN application and its participants are now using the payment app in fifteen stores. At least 89 percent of all testers spent cryptocurrency at one of the locations today.
The SPEDN application supports wallets for bitcoin, ether and bitcoin cash. Thanks to a newly announced partnership with crypto exchange Gemini, the Gemini dollar (GUSD) is also supported inside the app. According to a press release from Gemini’s CEO Tyler Winklevoss there are fifteen stores participating in the testing phase with Flexa and SPEDN.
Currently the app is only available to people who attend cryptocurrency and blockchain event Consensus 2019. This event takes place in New York. More invites will be send through the app. It’s not known whether the Flexa app also works outside of the United States.
From a commercial point of view this technology is good news, because retail’s processing fees drop significantly and they don’t need to buy any new hardware. In the end, retail will always receive their money in fiat.
Flexa has been working for 16 months to launch the SPEDN application. Last month the company received a $14.1 million investment through a private token sale.
Flexa’s own private coin, Flexacoin (FXC) went up almost 23 percent today, and is now valued $0.006778. That’s already three times more compared with one month ago. Currently FXC is not included in the SPEDN application.
Also published on Medium.