Per the release, Flexa has raised $14.1 million in funding from such participants as early stage token fund 1kx, investment firms Access Ventures and Nima Capital, and hedge fund Pantera Capital, which recently revealed that it was close to completing funding for its third venture fund, already raising $160 million.
The company intends to create a payment network for retailers that would reduce costs, overhead, and fraudulence by means of blockchain-based settlements. Flexa is also planning to release a mobile application through which customers could conduct operations with cryptocurrencies they already own.
Tyler Spalding, Co-Founder and CEO of Flexa, said that "the anti-fraud and cost benefits of global cryptocurrency payments are enormous, but there are many barriers to mainstream adoption for merchants and consumers alike. Flexa's going to change that."
Blockchain technology has become widely applied in the retail industry. Earlier today, United States food and drug chain Albertsons Companies announced it will use IBM’s Food Trust blockchain platform to track the supply chain for romaine lettuce, but aims to branch out into other products.
Last month, the U.S. Pork Board partnered with blockchain startup ripe.io to test out a blockchain platform for pork supply chains. The collaboration will ostensibly enable the Board to use a blockchain-based ecosystem to monitor and evaluate sustainability practices, food safety standards, livestock health, and environmental protections.