Payments Startup Flexa Raises $14 Million To Develop Crypto Payment App


The rise in private token sales  

It is important to note that over the past six months several companies, including Flexa have had raised funding through a private token sale without equity options. In March, The predictions market startup Numerai minced $11 Million in a similar manner.

CoinDesk interviewed Access Ventures partner TJ Abood, about it and he stated that his firm would have been equally interested in an equity offering. He added that he is satisfied with the current setup as well, as Flexacoin will allow his firm to participate in growing the network.

Involved participants ranging from Access Ventures merchants could purportedly stake Flexacoin to the network and earn token rewards in a model comparable to proof-of-stake systems like Cosmos or Tezos. Flexa also plans to add a custodial crypto wallet app to its network, through which users can spend crypto at point-of-sale with a type of QR code scan, similar to Apple Pay.

Spalding told CoinDesk, adding that the network will launch on May 13:

We wanted the total Flexacoin supply to represent how much money can flow through the system right now. All the participants earn money.”

Abood further told the publishing that the Flexa’s approach to ethereum-compatibility and not complete reliance on the network fits into his investment strategy.  He said:

“We subscribe to the idea of being a user-owner. Any company that we invest in, we immediately look to be a user. Making use of the developer tools and all the system tools that exist to be able to deliver a superior product, that’s what drives us.”

Read more:Pennsylvania’s Ben Franklin Is Tokenizing an Investment Fund, Go Philly Fund

Image source: Stock Photo Secrets

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