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Blockchain-Driven Startup Felxa Bags USD 14.1 Million To Develop Blockchain-Based Payments Network For Retailers

BFSI News

Blockchain-Driven-Startup_Felxa-Bags-USD-14.1-Million-To-Develop-Blockchain-Based-Payments-Network-For-Retailers Blockchain-Driven Startup Felxa Bags USD 14.1 Million To Develop Blockchain-Based Payments Network For RetailersFlexa, a New York-based payment startup, has bagged USD 14.1 million in a funding round to develop a payments network for retailers. The round was reportedly led by early-stage token fund 1kx, investment firms Access Ventures, and Nima Capital, and hedge fund Pantera Capital, which recently reported that it was close to completing funding for its third venture fund. The Flexa’s payments network for retailers aimed at cutting down costs, overhead, and deceitfulness through blockchain-based settlements.

As per the reports, the company is also planning to launch a mobile application through which customers could conduct operations with Cryptocurrencies they already own. Ahead of this announcement, Flexa Co-Founder and CEO Tyler Spalding 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. Today, Blockchain technology has become extensively deployed in the retail industry. Recently, the United States food and drug chain Albertsons Companies announced that it will utilize IBM’s Food Trust Blockchain platform that will assist Albertsons to track the supply chain for romaine lettuce but aims at diversifying into other products.

In the same line, the U.S. Pork Board last month teamed up with Blockchain-driven startup ripe.io to test out a Blockchain platform for pork supply chains. According to the reports, will this collaboration the Board will utilize a Blockchain-enabled ecosystem to supervise and assess sustainability practices, food safety standards, livestock health, and environmental protections.