Flexa, a digital payments company, is expanding its merchant options to accept over 99 different cryptocurrencies through any app or digital wallet. Flexa launched Lightning Network payments in El Salvador with select partners and businesses as the government legalized bitcoin. According to the company’s co-founder, custodial wallets will form the backbone of retail crypto payments.
A digital payments company, Flexa Expands Payments Suite for Multiple Cryptocurrencies and Wallets
According to a business release, digital payments startup Flexa is expanding its possibilities for merchants to accept over 99 different cryptocurrencies through any app or digital wallet.
“Today’s consumers want the option to pay with the asset of their choice in order for digital asset payments to become incorporated into our financial system,” Flexa co-founder Tyler Spalding said in a statement Wednesday. “And now, after more than a year of active development, Flexa Payments will greatly advance Flexa’s vision of facilitating payments in any asset, through any app, anywhere in the world,” he added.
Flexa Payments’ goal is to make it easy for merchants to accept bitcoin in-store or online. When the government legalized bitcoin in El Salvador last year, Flexa launched Lightning Network payments with a small group of partners and merchants (BTC). According to Spalding, who authored a post for CoinDesk’s payments week this week, custodial wallets will be the lynchpin of retail crypto payments.
Flexa, a cryptocurrency payments service, has enabled Lightning Network payments with select partners and merchants in El Salvador, as the country legalizes bitcoin. Flexa has incorporated lightning-fast bitcoin Lightning payments, which will power crypto payments in El Salvador via wallets like Strike and the government-run Chivo.
Following the passing of legislation on June 9, El Salvador became the first country to recognize bitcoin as a national currency, and the country now serves as a testing ground for making volatile cryptocurrencies and the rails they run on viable for everyday payments.
Flexa has built a wallet and payment infrastructure in the United States that allows users to spend multiple cryptocurrencies at point-of-sale transactions at businesses such as Nordstrom, Barnes & Noble, Express, and Lowe’s.
“When this El Salvador rule was implemented, we were approached by merchants and other entities in El Salvador wanting us to set this up for them in a compliant manner because they’re working with our counterparts in the US,” Flexa co-founder Tyler Spalding told CoinDesk in an interview. “As a result, there was a very fantastic potential to assist merchants, and now banks in particular, in processing these forms of digital payments.”