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– TIMESTAMPS –
2:08 Problem Flexa is Solving
4:47 Crypto To The Rescue?
6:17 But You Can Already Spend Crypto
10:17 Flaxa Project
14:55 Flexacoin is Now AMP
18:59 AMP Tokenomics
21:01 How Are Flexa Doing?
22:20 Final Thoughts
⛓️ 🔗 Useful Links 🔗 ⛓️
► Flexacoin Whitepaper: https://whitepaper.io/document/584/flexacoin-whitepaper
► Card Fraud Losses Totalling $28 Billion: https://nilsonreport.com/mention/407/1link/
► Payment Processing Fees: https://corporatefinanceinstitute.com/resources/knowledge/finance/payment-processing-fees/
► What’s Flexacoin: https://medium.com/flexa/introducing-flexacoin-b4c8099e3a91
► Flexa Capacity: https://medium.com/flexa/announcing-flexa-capacity-35c62ade9522
► Flexa’s Response To COVID: https://medium.com/flexa/one-year-of-pure-digital-payments-814423951c35
► AMP Swap & More: https://medium.com/flexa/flexa-capacity-is-migrating-to-amp-636bd94e1241
❓ What Problem Is Flexa Solving ❓
It’s hard to be a merchant and that’s largely due to things like card fraud, transaction costs and chargebacks.
So, how big a problem is that? Well, here are some shocking figures:
► Card fraud costs $28 billion a year.
► Chargebacks account for around 0.5% of all transactions made.
► Payment processing fees sit at around 3% or 4% of the value of an entire transaction.
All that costs the merchant money and, what’s worse, is that smaller businesses are disproportionately impacted. That’s because they don’t have the resources to deploy top of the line systems and processes to detect or deal with this stuff.
When it comes to card transactions in the US, there are about ten different steps happening in the backend. With a mess like that, it’s no wonder that payment processing costs are so high.
⛑️ Crypto To The Rescue? ⛑️
It turns out that having tamper-proof transactions on a blockchain is pretty handy for merchants when it comes to helping to solve fraud problems.
Payment processing costs can be reduced and blockchain inherently provides native support for boardless payments – useful if you want to serve other markets.
💰 Crypto’s Already Spendable 💰
The truth is that the majority of money moved today is transacted with legacy systems built in the 1970s.
Most crypto cards are merely a bolt on to those legacy systems.
Also, crypto transaction times of around 20 minutes are pretty impractical when it comes to spending crypto in the real world.
⚙️ Flexa ⚙️
The Flexa project is basically made up of three main components.
► The SPEDN app and Flexa’s ecosystem of integrated apps
► Flexa Network Protocol
SPEDN was created by Flexa and is the first app that allows for practical crypto payments by enabling instant, no-fee transactions in stores and online.
The Flexa Network Protocol is an open standard that allows for instant crypto payments in stores and online, whilst allowing merchants to receive fiat deposits via their point of sale.
Flexacoin was a neutral collateral token that helped facilitate those instant crypto payments at the point of sale in terminals. However, there is an ongoing token swap right now with Flexacoin being swapped one to one with AMP. AMP has inherited all the use cases of Flexacoin.
🤑 AMP Tokenomics 🤑
Watch my video for more details on that.
🤔 How Are Flexa Doing? 🤔
In the first year of operation, the SPEDN app has not only helped merchants lower processing costs compared to debit or credit cards but is also yet to lose a single penny or Satoshi to fraud!
With COVID being a little bit of an issue for bricks and mortar merchants this year, Flexa have decided to set merchant fees to 0% for the rest of the year and prioritized the development of their Shopify plugin for online sales.
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.
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