‘Spedn’ Bitcoin Now Easier at GameStop, Barnes and More Thanks To New Flexa Wallet
The payment processing platform Flexa now allows its users to use cryptocurrencies in different retail shops. The startup announced on Monday its new cryptocurrency wallet dubbed SPEDN.
With the new custodial wallet, users can be able to spend ethereum, bitcoin, GUSD, and bitcoin cash and use it to purchases items or pay for services.
SPEDN comes with a lot of benefits among them users can make payments quickly and faster with the mobile-enabled app. Moreover, the wallet is under full custody and has got an insurance policy with Gemini’s NYDFS-regulated infrastructure.
SPEDN has reached out to many retailers. Some of them include Nostordon, Lowe’s, Office Depot, Barnes& Noble, GameStop, Regal Cinemas, Express and many more as Trevor Filter, the Flexa co-founder noted.
Speaking to Coindesk, Gemini’s head of business development Sarah Olsen said the startup has plans to offer top security for its custodial wallet. Crypto enthusiasts can now use GUSD in more ways other than just for trading purposes.
As Olsen observes, the service is open to all including those visiting the U.S. Any person interested in using the Flexa network is free to do so without necessarily contacting the Flexa team.
Tyler Spalding, one of the Flexa co-founders, said that they expect growth in the industry as a store with the ability to spend cryptos.
He added that the ecosystems relied on one another, noting that bitcoin’s value is tied to its utility as much as it is to trading among other aspects.
Federal Deposit Insurance Corporation conducted research in 2017 whose findings were that about 8.4 million Americans did not have bank accounts. The service will, therefore, benefit the unbanked in the country or those not able to access credit cards.
According to Filter, the target is to connect buyers and sellers using the company’s system that provides for digitally native payments. At the moment, the crypto exchange collaborations that Flexa has entered into continue to manage all the necessary conversions in the background.
Filter added that what the firm was out to offer related to setting up of payment rails that are built on top of crypto.
The Flexa co-founder added that this approach is thus different from those that just want to have existing payment rails integrated into cryptocurrency.
Earlier this month, reports claimed that major U.S. coffee shop Starbucks would be accepting bitcoin (BTC) payments at selected U.S. branches. The move is being hailed as a potential booster for bitcoin’s acceptance and adoption.
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.