Flexa Adds More Retailers to Its Customer List
14-05-2019, 17:00 22
Copyright on text and image: LiveBitcoinNews.com
More Companies Are Jumping on the Crypto Bandwagon
Since coming to fruition less than a day ago, Flexa has garnered several additional partnerships with companies such as Whole Foods Markets, Bed Bath & Beyond and Ulta.
Yesterday, Live Bitcoin News reported that Flexa was a company seeking to provide a way for most American retailers – at least those willing to participate – with an opportunity to accept cryptocurrency payments for goods and services. Aside from retailers, the company also garnered a solid partnership with the New York-based crypto exchange Gemini, run by the Winklevoss Twins of “The Social Network” fame.
Both men were looking to pave the way for cryptocurrency to become more legit, and according to a recent interview, they think Flexa is the way to do that. They commented that they were particularly fond of Flexa’s team and were confident in their ideas for mainstream cryptocurrency adoption.
Since birth, crypto has been designed as a method of payment. Many people in the world do not have reasonable access to credit or traditional banking services, which prevents them from getting their hands on the money they need to survive day-to-day life. By giving them a chance at financial independence, cryptocurrency has a chance to end global poverty and potentially bring about monetary security to everyone.
However, nobody expected crypto to be as volatile as it’s been in the past. Many times, bitcoin and other forms of crypto have shown themselves to be quite vulnerable to outside market influence. This means things like negative news have the power to bring their prices down at a moment’s notice.
This presents a real problem for most retailers. Suppose a company sells $50 worth of merchandise to a customer, and that customer purchases the merchandise with crypto. Well, today that crypto is worth $50. Tomorrow, something happens that causes the money to go down in price. Thus, the customer walks away with $50 worth of merchandise, but the company has only made $35. It’s a scary situation, and if every company is accepting crypto, they stand to lose quite a bit if they’re not careful.
A First for Crypto
However, it appears more and more companies are getting on board with the idea of permitting customers to pay for items with digital assets. Flexa co-founder and CEO Tyler Spalding explains:
This is the first real instance of decentralized global retail payments, with the power to make commerce more efficient and accessible for billions of citizens globally.