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US Startup Raises $14.1 Mln for Blockchain-Based Payments Network for Retailers

April 12, 2019 / Ana Alexandre

New York-based blockchain startup Flexa has raised $14.1 million to develop a payments network for retailers. The development was announced in a press release published on April 11. 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 ado...