Gemini Pay Takes on Coinbase Commerce with Flexa Collateralization on Ethereum

flexa pay crypto

“You can now live on crypto” exclaims the recently launched Gemini Pay as it introduces the public to four simple steps to pay for goods in store with bitcoin, eth, or any of the other assets on Gemini. After downloading the Gemini app, you just select what currency asset you want to pay with and where, and then you just scan. The payment is instant and the Flexa protocol solution they use guarantees no fraud through a collateralization process that involves staking FXCs, Flexa tokens. Some $80 million worth of such tokens are being staked currently, guaranteeing any 0 confirmed bitcoin double spent transaction is still paid to the merchant through this collateralized insurance fund of sorts. “When paying with a flexcode, the Flexa-enabled stored value account is secured by cryptocurrency value instead of being funded by fiat money, and therefore represents a pre-authorization or a letter of credit. As…

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