Crate & Barrel, Whole Foods, and Nordstrom are among the first retailer that are accepting bitcoin and other cryptocurrencies at their outlets. These stores will be processing their crypto payment using Flexa. Flexa is a startup which uses “Spedn”, which is flexa custodial wallet and it gives people the ability to spend Bitcoin (BTC), Bitcoin cash (BCH), Ethereum (ETH), and Gemini’s stable coin GUSD.
Due to this, users can spend their cryptocurrency at a variety of establishments such as Whole Foods, Petco, Barnes & Noble, Lowes, Gamestop, Regal Cinemas, Baskin Robbins, Crate and Barrel, and Nordstrom.
When asked how the startup can make this work, they commented that Flexa has partnered with the retail partners and with Winklevii owned digital currency exchange Gemini. They have created a platform which allows users to sync any of the cryptocurrency and purchase items in the retail shops.
Tyler Winklevoss commented that everyone has to work together to provide Flexa with trusted infrastructure and custody to improve the payment experience across various platform. He added that merchants who have to go through a complex, legacy system of debit and credit cards stand to benefit the most from this.
Consumer pays through his app and as the method of payment is transparent, the store cashier doesn’t know that the consumer is using crypto for the payment. Then the merchant can choose which mode of payment he wants, i.e., crypto or fiat cash.
Many experts say this is the first step towards a better solution for the consumer seeking to use cryptocurrency for shopping.
BREAKING: Whole Foods, Starbucks, and other retailers are now accepting Bitcoin in stores with @Gemini’s help.
Don’t listen to the trolls. We’re watching a new global currency being built right in front of us.
THE VIRUS IS SPREADING! 🚀
— Pomp 🌪 (@APompliano) 13 May 2019
Tyler also explained that merchants who are onboard with Flexa are guaranteed fraud-resistant and cheap transactions. They can use the current payment hardware system for fiat currency as well. Tyler believes this will attract consumers in the long term.