Blockchain payment startup Flexa has raised $14.1 million in funding from Pantera Capital, 1kx, Nima Capital, Access Ventures, and other strategic partners.
Founded in 2018, Flexa is a payment network uniting retail and blockchain technologies. The goal of the company is to make payments between buyers and sellers more efficient, accessible, and affordable for the very people doing the buying and selling.
The funds will be used to create a platform for retailers that would reduce costs, overhead, and fraudulence by means of blockchain-based settlements. The startup is also releasing a mobile app designed to help customers make practical use of the cryptocurrencies they already own.
Tyler Spalding, Co-Founder and CEO of Flexa, said that 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’s going to change that, and very quickly,” said Spalding. “With this funding, we’ll continue to develop our network infrastructure to support our retail network and strategic partners.”
The company said that it will be announcing a major product rollout next month, at the Consensus conference in New York City.
“Flexa is one of those extremely rare applications in the cryptocurrency space that actually touches consumers in an impactful way while also solving a major problem of high fees in payments today,” said Joey Krug, Chief Investment Officer at Pantera Capital. “I’m excited to see people actually be able to spend their crypto!”
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