Whole Foods, a company owned by Amazon, and other large retailers will now accept payment for goods in cryptocurrencies. This latest development was made possible through collaboration between Gemini, a cryptocurrency company owned by the Winklevoss twins, and Flexa, a payment startup.
Gemini Partners and Flexa allow retailers to accept crypto
The partnership between Gemini and Flexa will allow some large retailers, such as Whole Foods, Nordstrom, Crate and Barrel, to accept cryptocurrency as payment for goods.
The cryptocurrency option takes advantage of digital scanners that retailers use to receive mobile payments from applications such as Apple Pay.
Flexa, for its part, convinced retailers listed above and others, such as Gamestop, Regal Cinemas and Baskin Robbins, to design their scanning devices to recognize payments made from Spedn, its cryptocurrency applications.
The Spedn app allows people to pay for goods and services on a retail platform using four cryptocurrencies; Bitcoin, Ethereum, Bitcoin Cash and Gemini Dollar (GUSD) . Spedn executive director Tyler Spalding noted that sellers are interested because the payment method gives them the opportunity to lower commission rates that they pay to other existing payment platforms. Spalding added that cryptocurrency payments provide an opportunity for shops to try out new types of benefits for customers based on the blockchain.
Crypto payment in the experimental phase
According to Fortune, the cryptocurrency payment option is still in its initial stages.
A source close to the project anonymously said during the conversation that retailers did not respond to Fortune's request for development comments, because payments for cryptocurrency are still an experiment.
According to the source, companies do not want to talk about cryptographic payment solutions until they improve their understanding technology and its consumer demand.
When using the Spedn application to make cryptocurrency payments, store cashiers usually do not know that the buyer pays in digital currencies.Traders in the meantime receive real-time payment for goods or services in cryptocurrency or in US dollars.
The author of the Fortunes report, Jeff John Roberts, tried out the possibility of paying for cryptocurrency via Spedn at Baskin Robbins and Starbucks. In both cases, the application worked as advertised.
Gemini Dollar Eliminates Volatility Issues
Price volatility cryptocurrency remains one of the biggest problemsfor sellers, and the reason why most of them do not accept them as payment options. While ordinary cryptocurrencies are unstable, stable coins are not.
The Winklevoss twins noted that the volatility problem associated with paying for goods through Spedn can be resolved with the help of a stable GUSD coin.GUSD, also called the Gemini dollar, is pegged to the US dollar 1: 1, and the Winklevoss twins claim that the stability of their stable coin and the ease of use of the Flexa will lead to more widespread use of the Spedn application.This will become even more attractive for a growing number of people who appreciate the technology underlying digital currencies.
Spalding said that for companies that want to integrate scanner payment technology into their applications, they will provide them with developer kits. This latest development is excellent for the cryptocurrency sector, and due to its success other retailers can use similar payment methods.