About Flexacoin (FXC)
Flexa is a payment network that allows users to spend crypto at brick-and-mortar retail stores.
The Flexa network was described in a white paper published in May, 2019. It aims to improve global commerce by allowing users to spend crypto wherever they go. To do this, Flexa has developed an open standard that connects merchants to blockchain wallets. When a user scans their items at the register, they can pay with crypto in a few easy steps. They must open a blockchain wallet (e.g., Gemini) that is connected to the Flexa network, select the type of crypto they want to spend, and select the merchant. Flexa generates a QR code on the user’s app, which the user must then scan at the register. Flexa then deducts the amount of cryptocurrency from their account, converts it to fiat funds and pushes those funds to the merchant.
Flexacoin (FXC) is the digital asset token used to collateralize payments on the Flexa Network, making them instant and secure. It is built on Ethereum in accordance with the ERC20 standard for tokens. FXC can be bought and sold for fiat currency or other digital currencies.
FXC can be stored in a crypto wallet and custodian like Gemini.
The supply of FXC tokens is fixed at 100 billion FXC.
Users can stake FXC tokens to specific wallet providers on the Flexa network and collateralize the payments made from these wallets. In doing so, stakers enable instant, fraud-free payments at retailers around the world. For their services, they earn FXC stake rewards, which are based on a proportional share of the merchant processing fees that Flexa earns for payments made from a wallet while FXC tokens were staked to it.
The Gemini app is connected to the Flexa network. By opening the Gemini app and tapping the Gemini Pay icon at the bottom of your screen, you can spend crypto at more than 30,000 retail locations