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Crypto-Payment Network Flexa Rolls Out SPEDN App


Crypto-payments network Flexa launched a new app called SPEDN to spend in cryptocurrencies to buy products from select retail outlets in the U.S. The app was launched on the first day of the Consensus conference in New York on Tuesday.

The use of cryptocurrency for purchases is expected to cut processing cost, eliminate fraud, and preserve privacy, compared to the typical cash alternatives of credit and debit cards.

Flexa has also partnered regulated cryptocurrency exchange and custodian Gemini to enable a smooth conversion of cryptos to U.S. dollar using Gemini dollar (GUSD), a dollar-pegged stablecoin.

Flexa expects that the partnership will ensure SPEDN wallet is securely custodied and fully insured on Gemini's NYDFS-regulated infrastructure.

Using the SPEDN app, users can use cryptocurrency on items like apparel, entertainment, etc. at fifteen outlets - Barnes & Noble, Baskin Robbins, Bed Bath & Beyond, Caribou Coffee, Game Stop, Crate & Barrel, Express, Jamba Juice, Lowe's, Nordstrom, Whole Foods Market, Regal, Ulta Beauty, Office Depot and Petco.

They can spend in Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and the Gemini dollar (GUSD) at any of the merchants currently accepting payments on the Flexa network. Merchants also expect that accepting cryptocurrencies will reduce payment fraud and processing costs.

SPEDN is currently being made available exclusively to Consensus attendees, but it will be releasing more invites in the coming weeks through the app itself.

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