One of the biggest obstacles to cryptocurrency adoption is the fact that not too many retailers currently accept it. Crypto enthusiasts dream of a world where crypto is used more as a currency and less as an investment. Unfortunately, there are barriers for businesses that would otherwise adopt crypto. These include a steep learning curve and hardware expenses.
Flexa is a new network that aims to expand cryptocurrency adoption by making it more usable for day-to-day purchases. But what exactly is Flexa, how does it work, and will it finally let you buy your morning coffee with crypto?
What Is Flexa?
Flexa is a young New York City-based company dedicated to making crypto more practical. They plan to do this with a platform that converts crypto to fiat currencies during purchases.
The website is still rolling out. Most of the links are dead and information on their company is scattered across their website, Medium posts, and Github pages.
Further, Flexa still isn’t as universally accepted as they hope to be one day. They also don’t accept all cryptocurrencies. They do work with most of the big ones though, including Bitcoin, Ethereum, and Bitcoin Cash.
How Does It Work?
This program uses the Flexa app to convert cryptocurrency into fiat currency. Flexacoin was simply developed as an intermediary cryptocurrency between the crypto being used and the fiat that it is being exchanged for. Beyond letting consumers pay with crypto, this allows retailers to accept crypto and at a lower service cost than credit cards.
None of the main Flexa team members is a very big name yet. However, aside from Nordstrom, Whole Foods and Barnes & Noble, they also partnered with Walmart, American Express, Mastercard, Visa, Google, Nike, Tesla, PayPal, and other big names in ecommerce and retail.
Right now, Flexa only works for consumers and retailers using the Flexa app. Released just last week, it is only available for iOS devices right now. However, they plan on releasing an Android app soon.
They also plan on releasing a DPK later this year. That would allow retailers to run the Flex Network Protocol through their own apps. This could open up the Flexa service to any retailer that offers sales through a mobile app.
Using Flexa may not feel like using cryptocurrency just yet. However, the app does allow users to spend in stores and with online retailers using crypto.
Flexa meets retailers in the middle by offering them a way to accept crypto without setting up wallets or installing new tech in their stores. In doing this it does offer one way around a major barrier to larger crypto adoption.
Tamara is a marketing and PR professional, enthusiastic about crypto, blockchain and technology in general. She’s the editor at Bitcoin UK.