Earlier today, Live Bitcoin News reported that a startup known as Flexa had made its way onto the cryptocurrency scene and was working to make it so that major retailers could accept crypto as forms of payment.
Gemini and Flexa Partner Up
Interestingly, the company is not just getting support from retailers. New York-based cryptocurrency exchange Gemini recently announced that it would be partnering with Flexa. Customers of Gemini will be able to download the Flexa app and use the crypto they have stored in their accounts to purchase goods and services through accepting retailers.
Cameron and Tyler Winklevoss have stated that they both wish for cryptocurrencies to garner mainstream status, and that a company allowing crypto to be spent with merchants is the best way to accomplish this goal.
Regarding why they chose to partner with Flexa, Tyler Winklevoss commented:
We really liked the Flexa team. They had extensive history in the payments space before crypto, understand the pain points, and apply blockchain where it’s best, but they’re not a solution in search of a problem. That’s been one of the big mistakes of the crypto industry. Historically, the posture has been, ‘Blockchain. Now, what’s the question? What’s the problem?’
Tyler further states that Gemini has been an “institutional-grade platform” since day one, but that they’ve always wanted to leave room for retailers down the line. While professional traders are the primary customers, retail merchants have consistently been one of the duo’s biggest goals.
Cameron Winklevoss states:
Gemini has always been a cryptocurrency platform. It’s not a platform that’s started as an equities platform that is now entering the crypto space or doing our own take on crypto. I think we’re going to increasingly see financial incumbents build a crypto story, but there is no Gemini story without crypto. We are crypto native. Our cold storage system we built over two years is the most cutting-edge security platform. We didn’t back ourselves into it or try to build business cases around why we should enter crypto. We started in crypto and that’s where we’ve been living for the past five years.
Interestingly, both Twins offered their comments regarding Facebook Coin. The company – which they allege was originally their idea – is arguably what still gives both men their biggest fame to date, and their lawsuit against founder and CEO Mark Zuckerberg was the basis for the film The Social Network.
Facebook Is Pushing Crypto – and We Like It
Nevertheless, now that Facebook is moving into crypto and blockchain, the Twins couldn’t be more thrilled. Tyler explains:
It’s a huge validation for cryptocurrency and blockchain. Those kinds of announcements really push the ball forward. They get people excited and demystify the space, so we think it’s a boon.