Payment platform Flexa has announced the launch of SPEDN, an app that allows users to make purchases with cryptocurrencies at a variety of brick-and-mortar stores. The app works by generating QR codes at checkout registers, which then debit users’ wallets on the app and credit merchants with fiat.
To initiate payments immediately, Flexa uses FlexaCoin, its native cryptocurrency, as an intermediary before the originating coin’s network approves the transfer. Essentially, the Flexa Network Protocol pays the retailer in cash then takes on the burden of moving the coin from a user’s wallet while using the FlexaCoin as collateral.
Currently, Flexa supports bitcoin, ether, bitcoin cash and gemini dollar, according to a CoinDesk report. The new payment method works at various retail outlets including Whole Foods, Nordstrom, Barnes & Noble and others.
Jimmy has been following the development of blockchain for several years, and he is optimistic about its potential to democratize the financial system.