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Blockchain Industry News

New York Startup Raises Millions to Develop Blockchain-Backed Payment System

Flexa, a blockchain startup based in New York, recently announced that it has raised $14.1 million to design a payments network aimed at retailers.

According to the company’s press release, Flexa was able to raise said funding amount due to the assistance of companies like 1kx, investment groups Nima Capital and Access Ventures, and Pantera Capital. The latter is said to have already raised $160 million, bringing it closer to its funding goals for its third venture.

Flexa plans to develop a payment system for retailers that will help cut overhead costs and deter fraudulent activities through the use of blockchain-supported settlements. The company reportedly also intends to come out with a mobile app that would allow customers to conduct transactions with cryptocurrencies that they already have.

Tyler Spalding, a co-founder of Flexa and its current CEO, tried to explain their reason for the payment system. He stated that “the anti-fraud and cost benefits of global cryptocurrency payments are enormous” but that there are numerous obstacles standing in the way of consumers and merchants adopting it. Spalding is confident that Flexa will be able to turn the tide.

The retail industry is turning out to be fertile ground for the application of blockchain technology. US drug and food chain Albertsons Companies revealed earlier that it will start using Food Trust, IBM’s blockchain platform, to keep tabs on their romaine lettuce supply chain. The company plans to incorporate it into their other products later.

The previous month also saw America’s Pork Board collaborating with startup ripe.io as it tests a pork supply chain platform. The partnership will supposedly allow the Pork Board to utilize a blockchain-powered ecosystem that can monitor and assess sustainability methods, livestock health, food safety standards, and environmental safeguards.

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