'Crypto Stripe' Flexa Raises $14 Million So You Can Buy Coffee With Bitcoin

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New York-based payments startup Flexa just raised that amount in a private token sale involving Pantera Capital, 1kx, Nima Capital, Access Ventures and others.

While Flexa co-founder Tyler Spalding declined to specify which merchants will accept bitcoin through this app, video tests show users buying Starbucks with it.

Flexa co-founder Trevor Filter said the details related to such governance and participation are still under development.

Stepping back, Flexa is one of several companies to fundraise over the past six months through a private token sale without equity options.

Flexa plans to launch a custodial crypto wallet app for its network, with users being able to spend crypto at point-of-sale with a type of QR code scan, similar to Apple Pay.

"If Flexa were a traditional for-profit venture, how would merchants be able to trust them that they won't end up raising fees once they have reached enough network effects?".

According to Spalding, Flexa will partner with exchange platforms for liquidity on the back-end.

Filter described the Flexa protocol as bolting merchant's traditional infrastructure to a crypto-friendly bridge, rather than relying on debit cards or credit cards.

In the future, Flexa plans to add support for various exchange-issued stablecoins and other crypto assets.

The focus is on partnering with exchanges and merchants to make custom on-and-off ramps via the Flexa protocol.

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