By : Most of crypto land celebrated when Flexa and Gemini partnered to deliver digital currency-fueled micro-payments to merchants. Spedn will let consumers at major stores including Nordstrom and Lowe’s and pay with crypto across , ether,, and Gemini Dollar. But one crypto influencer was left out of the celebration – Creator . That’s because was noticeably absent from the list of coins that the Spedn app supports.
Lee tagged Flexa Co-Founder Trevor Filter in a tweet rallying followers to agree that the “app should let us pay with at Whole Foods, Gamestop, and thousands of other merchants!” Filter retweeted the message with a mysterious response saying that “retweets don’t equal endorsements…or do they?” That left Crypto Twitter to speculate that the fifth-biggest would be the next coin to make the list.
Retweets ≠ endorsements (…Or do they?)
— Trevor Filter (@trev)
Litecoin Is Basically bitcoin Junior
Vice President of Nationwide Merchant Solutions Jon Moore couldn’t agree more. He tweeted:
“The reason should be added to Flexa is because #PayWithLitecoin is all about spending and supporting merchants that accept LTC!! It has nothing to do with tech, it’s about sound money, freedom, and supporting crypto .”
is meant to be a lot like , only faster and eventually more private. The team doesn’t seem to mind being the silver to ’s gold. The LTC price has nearly tripled year-to-date while has only doubled.
Say what?😮😎👊🚀🚀
— johnkimofficial.com ⚡️Chief LTC Evangelist (@johnkim77)
A Whopping $90 Million Was Spent on Credit Card Processing Fees Last Year
If any app so far has the ability to usher in mainstream of crypto, it’s Flexa’s Spedn. Not only do they make it easier for users to spend crypto as a currency but they slash fees for retailers that suffer from a huge point of credit card fees, costs that ultimately trickle down to shoppers. According to crypto exchange Gemini, which was founded by Cameron and Tyler Winklevoss:
“Retailers spent $90 billion on credit card processing fees in 2018. This was almost entirely passed onto .”
First real world real crypto purchase that was actually as easy as a credit card!
— Joey Krug (@joeykrug)
Litecoin Is MIA
The way Spedn works is investors load , ETH, BCH, GUSD (and maybe one day LTC) onto the app. Consumers continue to own the crypto in the app until they spend it. Not everyone is a fan of the fact that the funds are stored on the exchange.
The app, built on open network uses stored at , therefore: not your keys – not your crypto. Additionally, Flexa collects personally identifiable information, as well as has the right to temporarily delay, hold, or return deposits.
— Weiss Ratings (@WeissRatings)
To spend, users must display a code that gets scanned at the point-of-, and the transaction is completed. Retailers don’t take on any volatility risk thanks to Gemini.
“They custody and insure all the funds that are deposited within the app,” stated Flexa Co-Founder and CEO Tyler Spalding in a Yahoo Finance interview.
Flexa and Gemini have done all the work and have the power to dramatically lower fees for merchants. But in order for crypto’s use case as a currency to increase, consumers must begin spending , Cash, ether, and Gemini Dollar via the Spedn app in stores. And eventually perhaps , too.
Retailers spent 90 billion on credit card processing fees in 2018. This was almost entirely passed on to . is “designed with merchants in mind, and users experience 0 volatility risk when transacting.”
— Gemini (@Gemini)
Published at Fri, 17 May 2019 21:06:12 +0000
