A cryptocurrency called Flexacoin just partnered with Gemini, the exchange run by the famous Winklevoss twins.
With the help of this partnership, cryptocurrency users will be able to spend their hard-earned money at major retailers, such as Starbucks, GameStop, Whole Foods, and many more.
Amazon acquired whole Foods on August 28th, 2017, so this could be the start of something big.
Users can now spend Bitcoin, Ethereum, Bitcoin Cash, and Gemini USD, which is the worlds first regulated stablecoin, with more cryptocurrencies to come in the future.
This is is one of the first significant steps for big companies to start accepting cryptocurrencies.
It was always possible to pay using one of the crypto debit cards, however with those you still ended up paying in Fiat currencies, with a card that is issued by a bank, instead of actually using a cryptocurrency wallet.
Using this application, however, you don’t need a card anymore, just send cryptocurrencies to this application, and show the cashier the code on your device, and as soon as they scan it, your purchase has been made.
Ready for business
Gemini and the team behind Flexacoin are accepting retailer applications, promising them:
- significantly less expensive and fraud-resistant transactions;
- the ability to use the same payment hardware they already use;
- and the possibility to receive payments in fiat currency, instead of crypto.
SPEDN by Flexa is now available on the App Store. Google Play release is coming in the future.
The application is currently in invite-only mode, but that’s changing soon.
Starbucks image via Pixabay.