Flexa, a soon to launch payment network seeking to unite retail and blockchain technologies, announced today that it has raised $14.1 million in funding, led by Pantera Capital, 1kx, Nima Capital, Access Ventures, and other strategic partners. The funding announcement precedes the company’s public launch in May 2019.
The Flexa network wants to help retailers to take control of their own payments by reducing costs, overhead, and fraud through frictionless, instantaneous, and reliable blockchain-based settlement. Flexa’s upcoming mobile app also helps customers make practical use of the cryptocurrencies they already own, unlocking the hundreds of billions of dollars stored in the global crypto ecosystem.
“The anti-fraud and cost benefits of global cryptocurrency payments are enormous, but there are many barriers to mainstream adoption for merchants and consumers alike. Flexa’s going to change that, and very quickly,” said Tyler Spalding, Co-Founder, and CEO of Flexa. “With this funding, we’ll continue to develop our network infrastructure to support our retail network and strategic partners.”
“Flexa is one of those extremely rare applications in the cryptocurrency space that actually touches consumers in an impactful way while also solving a major problem of high fees in payments today,” said Joey Krug, Chief Investment Officer at Pantera Capital. “I’m excited to see people actually be able to spend their crypto!”
Flexa features Flexacoin (FXC), a digital collateral token that enables instant point-of-sale payments on the Flexa network. The Flexacoin token sale ended in December 2018. All tokens have since been distributed.