The Community Speaks segment is written by select members of cryptocurrency coin or token project communities who want to update the Altcoin Buzz Army about news surrounding the project they represent. The goal of the Community Speaks Segment is to bring these community members in to introduce the Altcoin Buzz Army to their opinions surrounding their respective projects and keep them updated on its progress. Any ideas or opinions expressed here do not necessarily align with those of the Altcoin Buzz core team.
Hello everyone, this is Cryptomoonie bringing you another Community Speaks article. Below, I will discuss a new cryptocurrency called Flexacoin.
Consensus took place in NYC again, and it was a significant catalyst for catapulting Bitcoin past the $8000 mark. However, there was an even bigger story that arose from Consensus, Flexacoin. Flexacoin made its international debut during the official release of the SPEDN app, and it does what we’ve all been waiting for: brings mass adoption to reality. The SPEDN app that was built on the Flexa platform allows individuals to spend cryptocurrencies at the biggest retailers in the world. More on this a little bit later!
Is that all they do?
Sometimes it’s best to let companies describe their own mission, so here’s their elevator pitch about Flexa: “[Flexa is] a new payments network, built on top of cryptocurrency, that brings buyers and sellers closer together to cut processing cost, eliminate fraud, and preserve your privacy.”
Flexa HQ raised 14 million dollars, and their first app SPEDN is entirely revolutionary. Flexacoin and the SPEDN app allows users to spend cryptocurrencies at some of the biggest retailers in the world. Users can spend Bitcoin, Ethereum, and the Gemini dollar. But how does it work?
The app will show a barcode that can be scanned by the cashier. According to the CEO, the network has no volatility and is powered by the Gemini exchange. The coins are sold in the Gemini exchange, and the merchants receive the payment in dollars. Here’s an interview for you visual learners out there of the CEO explaining the process on Yahoo Finance.
What stores will you be able to “spedn” at?
The growing list is: Bestbuy, Bed Bath and Beyond, Starbucks, Petco, Barnes and Nobel, Lowe’s, Office Depot, Ulta Beauty, GameStop, Nordstrom, Regal, Crate and Barrel, Jamba Juice, and Caribou Coffee.
You’re probably asking yourself: “what’s the utility of the Flexacoin”. Well, according to the white paper, the coin helps facilitate payments on the Flexa network. Flexacoin also: “facilitates retail cryptocurrency payments on the Flexa network. Flexacoin is staked to collateralize every payment on the Flexa network, enabling instant, fraud-free point-of-sale transactions at merchants worldwide”. You can read the white paper yourself right here.
I only have a few concerns, and it relates to the coin itself. It seems as if the team will not dedicate any funds to listing the coin. The Idex listing was a community-driven achievement. A great feat by them, but if Flexacoin wants real liquidity and price action, the team needs to get a better listing. The Gemini exchange is the most significant partner Flexa has, could it be listed there? I really don’t think so since Gemini only has major cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, Zcash and Litecoin.
Flexacoin has a bright future ahead of it. It has taken cryptocurrencies more mainstream and easier to adopt for the masses. They have advisors from Walmart, Nike, and other big-name companies.
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