Ethereum
$349.52 8.45%
ETH · 6w

Gemini Pay Takes on Coinbase Commerce with Flexa Collateralization on Ethereum

“You can now live on crypto” exclaims the recently launched Gemini Pay as it introduces the public to four simple steps to pay for goods in store with bitcoin, eth, or any of the other assets on Gemini.

After downloading the Gemini app, you just select what currency asset you want to pay with and where, and then you just scan.

The payment is instant and the Flexa protocol solution they use guarantees no fraud through a collateralization process that involves staking FXCs, Flexa tokens.

Some $80 million worth of such tokens are being staked currently, guaranteeing any 0 confirmed bitcoin double spent transaction is still paid to the merchant through this collateralized insurance fund of sorts.

“When paying with a flexcode, the Flexa-enabled stored value account is secured by cryptocurrency value instead of being funded by fiat money, and therefore represents a pre-authorization or a letter of credit.

As in credit and debit networks, merchants receive settlement after each transaction takes place (and after the corresponding amount of cryptocurrency has been converted to fiat) through any preferred settlement method,” they say, further adding:

“The corresponding amount of Flexacoin is locked against their payment until confirmation is achieved on both sides of the transaction, after which the Flexacoin is released and can be used to collateralize additional payments.”

In return they get “their portion of the previously announced initial network reward distribution of 1 billion FXC, which is being returned at a rate of approximately 2,500,000 FXC per day on 15-minute intervals through the end of 2020.”

Flexa token price action, August 2020

You can see above initially price and marketcap were moving in tandem, but more recently the market cap has grown faster presumably because of these reward distributions.

They claim some 40,000 merchants accept crypto payments through Flexa which is just a tab on the me...

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