New York-based firm Flexa officially launched at Consensus 2019 an app that allows users to purchase items from popular retailers using Bitcoin and other cryptocurrencies.
The SPEDN app, which was created in partnership with digital asset exchange Gemini, enables users to pay at well-known stores such as Barnes & Noble, Bed Bath & Beyond, Jamba Juice, Nordstrom, Ulta Beauty, and Whole Foods Market using Gemini dollars, Bitcoin, Ether, and Bitcoin cash.
Other retailers that Flexa has partnered with for the mobile app include Baskin Robbins, Caribou Coffee, Express, GameStop, Lowe’s, Office Depot & OfficeMax, Petco, and Regal Cinemas, according to a report published by Forbes.
Gemini is in charge of all the cryptocurrencies loaded into SPEDN.
Gemini CEO Tyler Winklevoss explained via Medium that SPEDN was developed to provide both consumers and establishments a cost-effective way to complete payments.
He added that the app allows retailers to process less-expensive and fraud-resistant transactions, retain their existing payment hardware, and receive payments in fiat currency.
To use SPEDN, users need to tap the coin they want to load into the app and reveal a unique deposit address to input the balance of their choice from any cryptocurrency exchange service.
The cryptocurrency will be converted into dollars once the cashier of the SPEDN partner store scans the flexcode on the app of the consumer.
SPEDN is currently available in the iOS Apple store.