Flexacoin: The Under The Radar Project That Will Catapult Retail Adoption of Cryptocurrencies
Flexa is an app that will make it easy to spend your cryptocurrencies in store instantly with a simple scan of your phone. Flexacoin (FXC) is an ERC-20 utility token that will be used as collateral for facilitating point-of-sale payments using most cryptocurrencies.
The project differentiates itself from competitors in that they are building their own Flex Network Protocol (FNP) instead of coupling their operations with Visa or other alternatives. The Flexacoin’s within the protocol temporarily secure cryptocurrency transactions whilst they are awaiting confirmation on the blockchain. The merchant receives payment instantly in fiat without having to wait for the crypto transaction to completely settle. This solves the issue of spending cryptocurrencies with long confirmation times without need of a lightning network.
Users who own FXC can stake their Flexacoin’s as collateral for a number of merchants from a transparent network index and receive a small percentage of the transaction that is processed. This essentially makes Flexa the very first participatory payments network. The total value of all the staked FXC is essentially the total amount of payment volume that the entire network can handle flow through the system at any given time. As adoption of the network grows, a higher value of staked FXC will be required which essentially becomes temporarily unavailable to the markets. This essentially decreases the amount of FXC in supply for exchanges while the demand of the token increases with further demand of the payment solution.
Here is a video of the Flexa App in use:
The entire project was sold in a private sale last year including investments from Pantera Capital and Nima Partners. Flexa raised raised $14.4 million from the sale of 16 billion FXC tokens with a token price of $0.001 each. The total supply is 100 billion tokens.
It is estimated that the unlocked circulating supply is currently about 12 billion currently.
25% Merchant Development Fund — designed to support merchant integrations with Flexa’s network. Longer-term effort to facilitate merchant acceptance of Flexa-enabled Apps.
25% Developer Grants — Used to increase adoption of Flexacoin as payment collateralization. Starting in Jan. 2020, 1 Billion FXC ti be granted each year to developers who are interested in enabling Flexacoin collaterized payments in their apps.
20% Founding Team and Employee Pool — The team’s tokens have a 5-year vesting plan.
20% Token Sale — 16.5 Billion tokens distributed during private sale in which 4.5 Billion tokens are locked until Jan 4th, 2020.
10% Network Development Fund — Allocation to support development of Flexa network over the first decade at a rate of ~ 1 Billion tokens per year.
Potential Factors Will Likely Bring Price Appreciation
Flexa will release their long-awaited app during Consensus in just a few short weeks. Consensus takes place on May 13th-15th, 2019. Consensus is noted to be the largest gathering of the cryptocurrency and blockchain world by total number of attendees, and Flexa is among the top sponsers of the event. Flexacoin is currently quite under the radar, but not for very much longer.
The Flexa team hasn’t put really much visible marketing at all before this, and the whole project has been kept pretty out of the public’s eye. I when asking questions in the Telegram was told that because the team’s ICO took place during the bear market that they intentionally didn’t list on an exchange and put no focus on growing the social media channels so that the full focus could be on the development of the product.
After looking into this year’s Consensus for thoroughly, I realized they have two booths, and they also have the largest booth of all the exhibitors and are located right at the entrance thus likely being the most visible booth by attendees.
It hasn’t been officially announced, but there are reports of large retailers like Starbucks, H&H, Sephora, and others that are already working with Flexa. The app works with the Point of Sale (POS) hardware that they already operate. I have spoken to beta testers who have confirmed you can use the app to make purchases in Starbucks in multiple countries.
Here’s another user posted vid using the beta version of the app:
Upon looking at Etherscan, currently, I only see 328 token holders listed at the moment. According to Coin Gecko, Flexa currently only has 1235 Twitter followers, 70 Facebook likes, and 439 Telegram users meaning that very few people have had the opportunity to gain awareness of this project. I anticipate that an explosion of growth coming to the project after Consensus when the team launches Flexa catapults itself to retail blockchain adoption.
Currently, FXC is only listed on two exchanges: IDEX and CoinExchange meaning that it is quite early. With more listings to come and likely significantly larger exchanges, there should be room for a lot higher price discovery when there’s both increased liquidity and more people gaining awareness of the project.
Out of all the crypto projects I am looking at right now, Flexa is definitely the one I’m most excited about in the coming weeks.
Flexa is already integrated with payment terminals in over 35,000 locations worldwide. It releases on May 13th at Consensus.
Merchants that you can use Flexa at: Starbucks, H&M, Sephora, Whole Foods, Walgreens, Best Buy, Game Stop, Target, & Nordstrom’s.**
**Not Officially Announced yet, but been seen on their prior graphics and in discussions I’ve seen online.
If you enjoyed this article on this project, feel free to Subscribe here on Medium, and Follow Cryptounicorn on Twitter for other Crypto project spotlights & other news on innovations Cryptocurrency space.
I am not a financial advisor, the information here is a personal review based upon the information I researched about the project. Please make sure to do your own research before making any investment decisions.
*Cryptocurrencies are an emerging asset class that carries a high-degree of investment risk*