Flexa Network's “Crypto Stripe” secured an additional $ 6 million investment through a private sale of its AMP token released in September, bringing its total sales to $ 20 million. Meanwhile, Flexa has also completed an infrastructure overhaul of its crypto payment platform, developed in collaboration with venture capital firm ConsenSys.
Making crypto payments mainstream
The Flexa platform has a mission to bring crypto to the retail network thanks to its SPEDN digital wallet. The app allows users to spend different cryptocurrencies to make purchases at the outlets of merchants such as Nordstrom, Barnes & Noble, Express or Lowe's.
Flexa's private sale of its AMP token ended on November 20 - all here quotations of the most popular tokens. Recently disclosed attendees include Compound Finance and Robot Ventures II founder Robert Leshner, Starwood Capital founder Barry Sternlicht, AlpInvest founder Volkert Doeksen, and Innopay founder Douwe Lycklama.
Flexa has taken a merchant-oriented approach to bringing crypto payments to the mainstream, said Flexa co-founder Tyler Spalding. The startup plans to gradually decentralize its portfolio service by providing more centralized software solutions for trading partners, Spalding said.
“The crypto industry is out of the main payment flow, which is why you don't see Target or Walmart or Home Depot accepting cryptocurrencies, because it's not part of what they really do,” Spalding said.
Flexa converts FXC to AMP
The now-out-of-market Flexacoin (FXC) sold in the 2018 and 2019 private funding rounds is being traded with AMP in light of an upgrade to the payment network backend, Spalding said.
Flexacoin holders can migrate to the new 1: 1 ratio token via the official portal. The new model allows it staking "Conditional" of AMP tokens for collateral management without requiring that they be transferred from the original address.
The network includes a function, transferByApproval, which enables more dynamic collateral governance for external accounts. Spalding says the option is a new Ethereum address feature that requires token swap.
The project code was verified by Trail of Bits and ConsenSys Diligence. “Partition strategies can be used to systematically grant controller-like permissions to various ecosystem players.
This allows the AMP contract to perform common implementation situations for collateral managers, ”states a new technical paper. The crypto payment system provider is also releasing the Flexa software as an open source SDK in January, Spalding said.
