SPEDN is a new wallet service that allows you to make payments in the real world at a number of big-name franchises in the US.
This new wallet which was launched by payment processing start-up Flexa will bridge the gap between the crypto world and real-world retailers by allowing customers to make payments directly with cryptocurrency.
The format has been likened to Apple Pay in its straightforward nature. While the payee will pay in cryptocurrency, it will automatically be converted so that the retailer will receive the payment in fiat. The cryptocurrencies that are supported by the new wallet include bitcoin, ethereum, bitcoin cash and the Gemini Dollar, the native currency of the Gemini Exchange platform.
Sarah Olsen, the head of business development the latter, who are also providing security for the new wallet, spoke about the new project. She stated that “The Flexa network is going to be open source so if you’re a merchant anywhere you can integrate to use their network, even without necessarily interacting with the Flexa team directly. This is going to be the first step toward the future of how we transact value.” It will also be ideal for their crypto, as they will now be able to use it outside of exchange platforms.
The new way to pay will be available at the following retailers, Flexa co-founder Trevor Filter told CoinDesk the wallet app works at Nordstrom, Barnes & Noble, Express, Lowe’s, GameStop, Office Depot, Regal Cinemas and Jamba Juice. Whether or not a wider roll-out outside of the US is unclear at this time.
Co-founder of Flexa, Trevor Filter explained that the aim of his company is to build “payment rails on top of cryptocurrency instead of just trying to integrate cryptocurrency into the payment rails that already exist.”
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