Whole Foods, Nordstrom, and Crate & Barrel are retailers are now accepting Bitcoin and other cryptocurrencies at their stores. The Crypto payments will be processed by payments startup Flexa using its custodial wallet called ‘Spedn’ which gives people the ability to spend with Bitcoin (BTC), Ethereum (ETH), Bitcoin cash (BCH), and Gemini’s stable coin GUSD.
Users will be able to spend a variety of cryptocurrencies including BCH, BTC, GUSD, and ETH at a multitude of well-known establishments. This includes Lowes, Gamestop, Whole Foods, Petco, Barnes & Noble, Regal Cinemas, Baskin Robbins, Crate and Barrel, and Nordstrom.
According to the startup, the application works due to a partnership between Flexa and its retail partners and the Winklevii owned digital currency exchange Gemini. The platform allows users to sync one of their wallets with Crypto and purchase items in the partner shops.
Tyler Winklevoss says,
“Together, by providing Flexa with trusted custody and infrastructure, we hope to profoundly improve the payment experience; and merchants who are currently subject to overly complex, expensive legacy systems of credit and debit cards stand to benefit significantly.”
The consumer utilizes the app to scan their payment. Because the method of payment is transparent, the store cashier is unaware that the payment is with crypto. Ultimately the merchant is able to choose their method of payment — fiat cash or crypto.
This is largely being hailed as the first ease-of-use solution for consumers seeking to shop with cryptocurrency. Users can currently spend four cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, and the stablecoin known as Gemini Dollar.
Tyler explains the benefits for merchants who get onboard and start accepting BTC.
He explains that merchants will get significantly less expensive and fraud-resistant transactions, can use the same payment hardware they currently use, and receive payment in fiat currency, not crypto. We believe that not only will this result in cost-savings to the merchant, but to the consumer in the long-term as well.
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