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New York Start-Up Raises $14.1 Million for Blockchain-Based Settlements in Retail Market

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New York Start-Up Raises $14.1 Million for Blockchain-Based Settlements in Retail Market

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In a press release dated 11 April, New York-based Blockchain start-up Flexa has announced that it has raised USD 14.1M to develop a payments network for retailers. Flexa has raised this amount in a private token sale which involves 1kx, investment firms Nima Capital and Access Ventures. Hedge fund Pantera Capital was also a part of the token sale, among others. The company aims to create and develop a payments network for retailers that would significantly drop costs, fraudulence and other overhead costs by means of Blockchain based payments and settlements.

Flexa co-founder and CEO Tyler Spalding said,

“The anti-fraud and cost benefits of global cryptocurrency payments are enormous, but there are many barriers to mainstream adoption for merchants and consumers alike. Flexa is going to change that.”

Flexa has also revealed that it is planning to release an app wherein customers can perform tasks and conduct transactions with the cryptocurrencies that they own.  However, Spalding refused to specify which merchants will accept Bitcoin through this app. A few video tests show users buying coffee from Starbucks in it.

Flexa’s token, which is known as Flexacoin is an Ethereum-based ERC-20 token. Developers and businesses will stake value on Flexa’s network using Flexacoin, for merchant payment processing. Spalding stated that the merchants would not be required to hold or spend Flexacoins. Flexa co-founder Trevor Filter said that the details regarding such governance and participation are still under development.

This becomes evident to the fact that Blockchain based settlements are being widely implemented in the retail industry. It serves as a step for the technology to be adopted in the wholesale sector and beyond, which remains vital for the wider adoption of Bitcoin globally.

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