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While Bitcoin (BTC) amounts to 8,000 USD, the world's largest cryptocurrency is set to become more than just a digital asset.
A new "one-click" app will allow people to use Bitcoin and crypto to pay for everyday items such as errands, clothes and furniture. Major retailers, including Whole Foods, Nordstrom and Crate and Barrel, will allow the payment option at 30,476 stores.
The Spedn application, from the fintech startup Flexa, allows merchants to accept cryptography seamlessly without any additional steps. Once the point-of-sale device has scanned and recognized the Flexa payment option, merchants can receive crypto or US dollars for purchase.
According to Flexa,
"Flexa is a new payment network, built using cryptocurrencies, which brings together buyers and sellers to reduce processing costs, eliminate fraud and preserve confidentiality."
List of retailers accepting Flexa
- Barnes & Noble
- Baskin Robbins
- Bed, bath and beyond
- Caribou coffee
- Case and barrel
- Express
- Gamestop
- Juice of jamba
- Lowe's
- Nordstrom
- Office Depot
- Petco
- Regal Movie Theaters
- Starbucks
- Ulta Beauty
- Whole foods
Flexa worked with Gemini, a New York-based cryptocurrency exchange center, to facilitate the payment option. Each Spedn portfolio is secured and insured on Gemini's regulated platform. Users will also be able to spend and receive the stable amount of Gemini, indexed to 1: 1 by the US dollar and backed by State Street. By using the stablecoin, companies can escape the famous cryptographic price volatility that has scared investors, merchants and buyers.
In an interview with Fortune, Tyler Winklevoss, co-founder of Gemini, said that emerging technology was now a bona fide payment option for spending and everyday living, thus contributing to the future of the digital economy.
"The idea of living on crypto is now a reality. You can now do it. For the consumer, this amounts to being crypto conscious. It's like being green. "
Fortune writer, Jeff John Roberts, tested the application and said that it was working as promised.
"This weekend, I tried downloading a test version of Spedn and transferring it a $ 10 worth of Bitcoin. Then I went to a Baskin Robbins in my neighborhood and bought a small coffee by scanning the application. It worked. Then I went to a Starbucks (another project partner, but unofficial) and I bought a banana. It worked too. In each case, the application has adjusted the amount of Bitcoin in my wallet. "
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Disclaimer: The opinions expressed in Daily Hodl do not constitute investment advice. Investors should exercise due diligence before making high risk investments in Bitcoin, Cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and that any loss you may incur is your responsibility. The Daily Hodl does not recommend buying or selling crypto-currencies or digital assets, and the Daily Hodl is not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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