If you haven’t heard, a couple of days ago the “global cryptocurrency payment network” Flexa partnered with the Winklevoss Twins’ Gemini cryptocurrency platform to enable an in-store cryptocurrency payment solution.
Moving things forward
This solution allows users to buy from thousands of retailers, including Whole Foods and Dunkin Donuts, with Bitcoin, Ether, Bitcoin Cash, and Gemini Dollars all via the mobile app, SPEDN. While this sounds like a great idea, (and it is), Charlie Lee, the creator of Litecoin, wants more.
On Twitter, Lee tweeted out at Trevor Filter, the co-founder of Flexa, asking if Litecoin can be next on the SPEDN list of supported currencies. Filter responded cheekily with a quote tweet, saying “retweets ≠ endorsements (…Or do they?)”
Retweets ≠ endorsements (…Or do they?) https://t.co/U71uKOEOSg
— Trevor Filter (@trev) May 16, 2019
Vice President of Nationwide Merchant Solutions at Litecoin, Jon Moore, agrees. As CCN reports, Moore tweeted:
“The reason Litecoin should be added to Flexa is because #PayWithLitecoin is all about spending and supporting merchants that accept LTC!! It has nothing to do with tech, it’s about sound money, freedom, and supporting crypto adoption.”
Solving past problems
For those who don’t know, Litecoin and Bitcoin are very similar. Essentially, Bitcoin came out with some major scalability issues. Even now, the blockchain still struggles when too many transactions are made. Litecoin was to be the answer to that, with a focus on scalability and a few other benefits. If you’re interested, you can buy Litecoin here.
Users on the SPEDN application load their owned assets into the software. Then, they simply show a code at the retailer, who then scans it to make the purchase go through. However, these assets aren’t stored within SPEDN. Instead, users assets are stored on the Gemini exchange. This is so that retailers don’t have to deal with volatility or other issues. Instead, Gemini processes everything.
This collaboration is a fantastic way to increase mainstream adoption. Not only does it make crypto easier to spend, but it allows us to spend during our everyday shopping rather than via online purchases or something else of the sort.