Payments, ConsenSys, Flexa

“Crypto Stripe†Flexa Network has completed an additional raise of $6 million in a private sale of its AMP token released in September bringing the total to $20 million, as well as an infrastructure overhaul of its crypto payment platform, co-developed with venture firm ConsenSys.

Flexa is on a mission to bring crypto straight to merchants with its SPEDN digital wallet. The app allows users to spend multiple cryptocurrencies for point-of-sale purchases at merchants such as Nordstrom, Barnes & Noble, Express or Lowe’s.

Flexa’s private sale of its AMP token ended Nov. 20. Newly disclosed players include Compound Finance founder Robert Leshner’s Robot Ventures II, Starwood Capital founder Barry Sternlicht, AlpInvest founder Volkert Doeksen and Innopay founder Douwe Lycklama.

Flexa has taken a merchant-first approach to bringing crypto payments mainstream, Flexa co-founder Tyler Spalding told CoinDesk in a Zoom interview. The startup plans on gradually decentralizing its wallet service while providing more centralized software solutions for merchant partners, Spalding said.

Read more: ‘Crypto Stripe’ Flexa Raises $14 Million so You Can Buy Coffee With Bitcoin

“[Crypto] is outside the core payment flow, which is why you don’t see Target or Walmart or Home Depot or these other guys accepting this stuff, because it’s not a part of what they really do. We’ve been building this with merchants from the very beginning,†Spalding said.

Flexa converts FXC to AMP

The now out-of-favor Flexacoin (FXC) – sold in 2018 and 2019 private funding rounds – is being swapped for AMP in light of an upgrade to the payment network’s backend, he said. Flexacoin holders can migrate to the new token on a one-to-one basis through the official portal. Spalding said FXC was often mistaken for a payment token itself; the ERC-20 style token is merely infrastructure for the Flexa Network.

The new model allows “conditional†staking of AMP tokens for collateral management without requiring they be transferred from the original address. The network includes a function, transferByApproval, that allows for more dynamic collateral governance of external accounts. Spalding claims the function is a novel Ethereum address feature necessitating the token swap. The project’s code was audited by Trail of Bits and ConsenSys Diligence.

“Partition strategies can be used to systematically grant controller-like permissions to various actors in the ecosystem. This enables the AMP contract to execute common implementation situations for collateral managers,†a new technical paper shown early to CoinDesk states.

The crypto payments provider is also releasing the Flexa software as an open-source SDK in January, Spalding said.

Correction (Dec. 21, 16:20 UTC): The headline and leading sentence have been updated to clarify the amount raised in this round; $20 million has been raised to date.

Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

Hong Kong to Connect Digital Yuan With Domestic Payments System in Cross-Border Trials

Financial authorities in Hong Kong have announced a second phase of trials for mainland China’s digital currency. As part of the upcoming tests, the city will link the Chinese digital yuan to its domestic payments system to evaluate the CBDC’s usability in cross-border scenarios. Hong Kong Residents to Load E-CNY Wallets via Mobile Phones China […]

Xem chi tiết: Hong Kong to Connect Digital Yuan With Domestic Payments System in Cross-Border Trials

Crypto Payments App Bottlepay Is Now Available Across Europe

U.K.-based crypto payments provider Bottlepay has started offering services in other European countries. Users on the Old Continent will be able to send and receive even small amounts of euro and also buy, store and spend bitcoin with merchants accepting cryptocurrency. Bottlepay Promises Low-Cost Transactions in Euro and Bitcoin The Bottlepay app will allow Europeans […]

Xem chi tiết: Crypto Payments App Bottlepay Is Now Available Across Europe

Kalashnikov Eyes Digital Ruble Settlements as Russia Aims to Replace ‘Dirty Money’

Kalashnikov Group, the Russian firearms manufacturer, is ready to transition to settlements in digital currency. The announcement came from the international economic forum in Saint Petersburg where the central bank of Russia reaffirmed its intention to replace “dirty†and “infectious†paper cash with the digital ruble that’s currently under development. Russia’s Kalashnikov Concern Looks Forward […]

Xem chi tiết: Kalashnikov Eyes Digital Ruble Settlements as Russia Aims to Replace ‘Dirty Money’

European Union to Release Digital Wallet for Payments Next Year

The European Union (EU) will launch a digital wallet allowing citizens of any country in the bloc to make payments and access services provided by each state, also allowing for the storage of digital ID information. The wallet, which will reportedly be launched next year, could be tied in with the digital euro project, a […]

Xem chi tiết: European Union to Release Digital Wallet for Payments Next Year

Relief Payments Coming? 80 Legislators Press Biden Administration for a Fourth Round of Stimulus

Rumors of a fourth and possible fifth round of direct stimulus checks have become a hot conversation topic this week, as lawmakers are urging the President to act. Over 80 U.S. legislators have sent letters to President Joe Biden and Vice President Kamala Harris asking the administration to push forward direct economic stimulus payments and […]

Xem chi tiết: Relief Payments Coming? 80 Legislators Press Biden Administration for a Fourth Round of Stimulus

US Convenience Store Chain Sheetz to Accept Cryptocurrencies for Payments

The American chain of convenience stores and coffee shops, Sheetz, announced on Thursday that the firm would be accepting digital currencies like bitcoin, ether, and dogecoin for payments. The major Mid-Atlantic chain’s executive payments manager says accepting crypto-asset acceptance bolsters Sheetz’s mission to provide customers with the “ultimate one-stop-shop.†Convenience Store Chain Sheetz Adds Digital […]

Xem chi tiết: US Convenience Store Chain Sheetz to Accept Cryptocurrencies for Payments

Russian Lawmakers Move to Allow Crypto Payments Under Contracts

Members of the State Duma are now working on amendments that will permit the use of cryptocurrency as a contractual means of payment. Digital financial assets are regarded as property under Russian law and the changes will legalize crypto payments between parties to a contract. State Duma to Amend Civil Code to Legalize Contractual Crypto […]

Xem chi tiết: Russian Lawmakers Move to Allow Crypto Payments Under Contracts

US Convenience Store Chain Sheetz to Accept Cryptocurrencies for Payments

The American chain of convenience stores and coffee shops, Sheetz, announced on Thursday that the firm would be accepting digital currencies like bitcoin, ether, and dogecoin for payments. The major Mid-Atlantic chain’s executive payments manager says accepting crypto-asset acceptance bolsters Sheetz’s mission to provide customers with the “ultimate one-stop-shop.†Convenience Store Chain Sheetz Adds Digital […]

Xem chi tiết: US Convenience Store Chain Sheetz to Accept Cryptocurrencies for Payments

NBA Legend Paul Pierce and Poker Hall of Famer Phil Ivey to Join Joe Lubin of Consensys for a Virtue Poker Charity Tournament

Russian Lawmakers Move to Allow Crypto Payments Under Contracts

Bank of Russia to Launch Digital Ruble Prototype by End of Year

Blockfi Messes up Promo Payments: Transfers up to 700 Bitcoin Mistakenly

Elon Musk Invented Bitcoin, if You Ask Half of Australians Polled by Finder

California Cannabis Chain People’s Remedy Starts Accepting Cryptocurrencies as Payment

Fintechs Invited to Work on Georgia’s Central Bank Digital Currency

Electronic Transactions Association Proposes 7 Guiding Principles for a Digital Dollar

Other Articles