Flexa, a New York-based blockchain startup, has just attracted around $14.1 million to develop a blockchain payment network for retailers, the company announced yesterday through a press release.
Among the participants in the fundraising are the tokens fund 1kx, the investment companies Access Ventures and Nima Capital as well as the hedge fund Pantera Capital. Apparently, the firm plans to develop a blockchain-based payment network to reduce costs and fraud.
The company also aims to launch a mobile app for its users. Flexa's CEO, Tyler Spalding, believes that the use of cryptocurrencies can bring huge benefits to retailers by significantly reducing costs and increasing security.
However, he has also highlighted that the mass adoption of this means of payment is one of the most important obstacles that still has to be overcome.
Why it is important
- One of the purposes why cryptocurrencies were invented was to allow direct payments without intermediaries. Why? Basically to increase privacy, since there would not be a third party accessing the data, and to speed up transactions.
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