Flexa, a Manhattan-based digital payments startup, is assisting in the mainstreaming of cryptocurrency by capitalising on the Shiba Inu craze that engulfed the crypto world in the latter half of 2021.
Shiba Inu (SHIB) will now be accepted as a payment method at over 40,000 Flexa Payment Network merchants.
The Flexa Payment Network is a merchant-focused company that aims to make it easier to spend cryptocurrencies at real merchants by removing the complexity of on-chain validation. Customers can spend SHIB by depositing it into the SPEDN wallet via a smartphone app.
When it comes time to pay, SHIB must be selected as the cryptocurrency of choice, and a “Flex Code” will be displayed on the screen. The Flex Code will then be scanned by the merchant in a manner similar to Apple Pay. The Flex Code will let the merchant receive fiat payment via the Amp intermediary cryptocurrency, which will serve as collateral for the transaction. Flexa then accepts payment from the SPEDN wallet and deducts the amount from the coin of choice.
Nordstrom, Barnes & Noble, Lowe’s, Gamestop, and Whole Foods are just a few of the stores that accept Flex payments.
Flexa added LUNA and TERRA as payment options on the Flexa SPEDN app on December 7, 2021, and Solana on December 2, 2021. Regal Cinemas has just teamed with Flexa to allow moviegoers to pay with cryptocurrencies such as Bitcoin, Litecoin, Dogecoin, Ethereum, and Basic Attention Token. Customers who pay in SHIB will receive a 20% discount at Regal Cinemas until the end of 2021.
Flexa recently teamed with Bancoagricola, El Salvador’s largest banking institution, to accept bitcoin for loan and credit card repayments, as well as merchant products and services, after bitcoin became legal tender on September 7, 2021.
In other popular adoption news, AMC cinemas have teamed up with BitPay to accept SHIB. Because of its cooperation with Bitpay, Newegg Commerce was able to begin accepting SHIB on Black Friday. According to BitPay’s Sonny Singh, retail investors’ interest in altcoins was increasing in early 2021, and by late April 2021, bitcoin payments had declined while DOGE payments had begun to rise.
Despite SHIB’s popularity, Robinhood has yet to include the token, despite a petition with over 500,000 signatories. SHIB was listed on Kraken’s platform on November 30, 2021, with no futures or margin trading options.
SHIB trading is presently available on major exchanges including Coinbase, Binance, Huobi Global, and MEXC Global. Binance had the highest 24-hour trading volume, with SHIB coming in second at $237.6 million.