Flexa Raised $14.1 Million To Establish Payment Platform For Retailers

Flexa is a blockchain firm based in New York. It was established by Tyler Spalding, Trevor Filter, Zachary Kilgore, and Daniel McCabe last year i.e. 2018. Flexa was created with a primary objective of facilitating a more effective, approachable and reasonable trading platform to crypto traders.

According to an announcement made through a press release on Thursday, 11 April, the startup raised $14.1 million in order to establish blockchain-based payment platform for retailers. It has raised the funds in a private token sale along with Access Ventures, Nima Capital, Pantera Capital and many others. The firm has its coin, known as Flexacoin, which is an ERC-20 token which can be utilized for payment processing by the developers Flexa’s platform.

The co-founder at Flexa, Tyler Spalding underlined that the startup is a B2B firm. And therefore, traders are not required to hold or interact with Flexacoins.

Flexa aims to build a payment network which will reduce costs, overhead as well as fraudulence because of its blockchain-based settlements. The firm is also planning to introduce a mobile application that will enable the consumers to utilize the cryptocurrency held by them.

CEO and CO-Founder of Flexa, Tyler Spalding remarked 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.”

He further mentioned:

“With this funding, we’ll continue to develop our network infrastructure to support our retail network and strategic partners.”

Nowadays, blockchain has been widely explored by retailers across the globe. It is also reported on 11th April that Albertsons Companies will utilize IBM’s Food Trust blockchain platform in order to keep track of the supply chain for romaine lettuce. It is also planning to extend this to its other products as well.

In addition to this, the U.S. Pork Board ventured with ripe.io (blockchain -based startup) in order to track pork supply chains in Feb 2019. The venture enabled the firm to evaluate food safety standards, sustainability practices, environmental, and livestock health.