Whole Foods, GameStop, Barnes & Noble and many other major retailers will now accept a range of cryptocurrencies in their physical stores.
Flexa, a crypto payment processing start-up, has launched its new crypto wallet Spedn, which allows retailers to accept Bitcoin, Etherium, GUSD and Bitcoin Cash inside bricks-and-mortar stores instantly.
Spedn is an app which generates a QR code which a customer can scan at the shop’s checkout, immediately transferring payment in local currency to the merchant, while the equivalent amount of your chosen cryptocurrency is taken from your Spedn wallet.
According to Coindesk, Flexa’s co-founder Trevor Filter said Whole Foods, GameStop, Barnes & Noble, Office Depot, Nordstrom, Express, Lowe’s and Jamba Juice are already working with Flexa to accept payments via the Spedn app.
To enable instant transaction, which presents one of the key barriers to the mainstream integration of crypto payments, Flexa uses a complex system which includes using its own currency FlexaCoin to essentially take on the risk of not receiving cryptocurrency from your wallet while the transaction is approved by the originating coin’s network.
“The Flexa network is going to be open source so if you’re a merchant anywhere you can integrate to use their network, even without necessarily interacting with the Flexa team directly,” Gemini’s head of business development Sarah Olsen told Coindesk.
“This is going to be the first step toward the future of how we transact value.”