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With joy, Tyler Winklevoss, the CEO and co-founder of the crypto firm Gemini announced a new partnership of the company with Flexa, a cryptocurrency payment network which provides payment solutions to major retailers such as Whole Foods Market, Bed Bath & Beyond and Barnes & Noble, helping them to expedite crypto transactions; and thus, scaling up the crypto space to more retail giants.
The ultimate goal of any cryptocurrency is to revolutionize the way we hold and spend digital currency in the real or virtual world. Still in its early stage, it falls on the shoulders of trailblazing crypto and blockchain-based firms to demystify the complexity and marry the new financial world with the existing world.
And that is exactly the fuel propelling the partnership between Flexa and Gemini. The duo team up to build a rail from the island of crypto to the mainland of commerce that is brimming with retailers and consumers.
Through the partnership with Gemini, consumers can now access their crypto coins and stablecoins through the SPEDN mobile app without fear as Gemini will act as the custodian. Currently, the acceptable virtual coins include the Gemini Dollars (GUSD), Ethereum (ETH), Bitcoin (BTC) and Bitcoin Cash (BCH). Coupling a goal-oriented global payment solutions provider with Gemini is a good way to go. Retailers and consumers can now hold and spend their crypto coins without fear.
This joint project will greatly enhance the payment experience across a broad range of retail shops. On top of that, this partnership also promises to alleviate the ridiculous cost retailers are burdened with. Retailers are typically subjected to the expensive legacy system of debit and credit cards, causing them to accrue huge amount on processing cost. This partnership helps to take away this costly burden by providing them with a trusted and less expensive transactions. The partnership with Flexa also ensures for a double walled fraud-resistant transactions.
Interested retailers will find this platform easy to use as they do not have to change the payment hardware they currently use. Lastly, they’ll also enjoy the benefit of receiving payment in fiat currency, not crypto. So, it is all-win for merchants, a payment system and a converter too.
In his blog post, Tyler expressed excitement over partnering with a firm which shares the same mission and values as his own, which is building the future of virtual money. This partnership is yet another step towards creating a more efficient, cost-effective, and fairer global financial system, he added.