HomeCryptoBitcoinSpedn: the service to pay with bitcoin in the retail market

Spedn: the service to pay with bitcoin in the retail market

It’s now been 10 years since the arrival of bitcoin (BTC) on the market but despite the past decade, to date, the retail sector is still struggling to adopt it as the main method of payment.

In fact, traditional traders have often avoided cryptocurrency because of the high volatility and slow processing times of the Bitcoin network.

Today, however, a new initiative from the Winklevoss twins was announced.

Some big names in the retail market

Some of the big names in American retail including Crate and Barrel, Nordstrom and Whole Foods (owned by Amazon) are ready to integrate bitcoin payments and three other cryptocurrencies.

The initiative comes from the partnership between Flexa, a payment startup, and Gemini, the company owned by Winklevoss.

Flexa actually managed to convince retailers, who in addition to those mentioned above include Regal Cinemas, Gamestop and Baskin Robbins, to configure their scanners to recognize payments through their app called Spedn.

How the Spedn app works

The customer will only have to download the Spedn app and transfer funds into cryptocurrencies to pay.

The cashier of the shop, on the other hand, may not even be aware of the fact that the customer will pay in crypto.

Finally, the merchant, in real time, can decide to receive the payment in the form he prefers (crypto or dollars).

Accepted cryptocurrencies

Spedn allows users to use four different cryptocurrencies: Bitcoin (BTC), bitcoin cash (BCH), ethereum (ETH) and of course the stablecoin of the Winklevoss twins, the Gemini Dollar (GUSD).

The Spedn and GUSD pair is the main solution to the traders’ problems. In fact, being a cryptocurrency anchored to the value of the American dollar and supported by the banking giant State Street, avoids the problem of the volatility of the market.

Sarah Olsen, head of business development at Gemini, told CoinDesk:

“Whether that’s a foreigner who’s coming to the U.S. and more easily able to participate in our economy or vice versa, The Flexa network is going to be open source so if you’re a merchant anywhere you can integrate to use their network, even without necessarily interacting with the Flexa team directly.

Michele Porta
Michele Portahttps://www.micheleporta.info/
Ingegnere informatico. Da sempre appassionato di tecnologia, hardware e software. Entra nel mondo delle criptovalute negli ultimi anni imparando a fare trading e studiando gli aspetti tecnologici e implementativi delle principali crypto sul mercato. Spera in un futuro privo di contanti e basato sulla sicurezza garantita dalla blockchain.