Tyler Winklevoss, Co-Founder, and CEO of Gemini shared news on 13 May about partnering with Flexa, a global cryptocurrency payments network.
Gemini is a digital asset exchange and custodian allowing customers to sell, buy, and store digital assets. Flexa is a payments network, that brings buyers and sellers closer in order to cut processing cost and eliminate fraud. Tyler headlined that with this integration, major retailers would be able to accept cryptocurrency payments in stores. Customers can spend their Gemini dollars (GUSD), bitcoin (BTC), ether (ETH), and bitcoin cash (BCH) using the SPEDN mobile wallet app.
Tyler conveyed that consumers could use their Gemini dollars and other cryptos to buy goods and services at a host of stores. He emphasized that all the cryptocurrency customers deposit on the SPEDN mobile app is safeguarded by Gemini. This feature ensures security for those using this new payment technology. Tyler sustained by adding that the Flexa cryptocurrency payments network could potentially make spending digital coins a domestic use case.
Tyler expressed on the development as –
“Flexa’s payment solution provides users the ability to engage in the “spend” use case and benefit from the freedom, privacy, and security provided by cryptocurrency. Additionally, the Gemini dollar allows you to spend your dollars on the blockchain without worrying about price volatility.”
Tyler clarified that at Gemini, the personnel has been trying to build a bridge to connect cryptocurrencies and finance. He noted that Flexa’s endeavor has been to connect digital coins to retail merchants. Tyler further added that by providing Flexa with trusted custody and infrastructure, the payment experience would be improved. Merchants who regularly have to deal with bureaucratic and expensive legacy systems are much benefited.
In January, Gemini reported that it had secured a security and compliance landmark. The exchange platform completed the examination of Services Organizational Control, an evaluation of the company’s design and execution of security controls. The examination was conducted to evaluate the exchange’s application, infrastructure, and underlying customer database.
Tyler threw light on the fact that major retailers pay huge sums of money each year in processing costs. Flexa helps to lighten the burden by making such costs less expensive and fraud-resistant. Merchants can also retain the same payment hardware they currently have. Finally, retailers receive payments in fiat currency and not digital coins. Tyler concluded by indicating that the two firms share the same philosophy which was to build the future of money.