Partnership with Flexa Boosts Litecoin Applicability

  Slowly but steadily, the cryptocurrencies are paving the way to global adoption with Litecoin, the so-called “Digital Silver", being probably the most active in this regard. Over the course of this year alone, the Litecoin Foundation has concluded several partnership agreements that stipulate for the listing of Litecoin as a payment method on the respective platforms.

And now, Charlie Lee and his team made another successful business, and marketing, move by striking a deal with Flexa, an up-and-coming payment network that provides means for merchants across the United States to seamlessly accept cryptocurrencies from customers and subsequently covert crypto to fiat currencies, the US Dollar in particular.  

Litecoin recovers magically after the Winter

It is evident that Litecoin has passed the stress-test of the 2018 crypto crisis in flying colors. Since the commencement of 2019, it has outperformed all cryptocurrencies from the Top 10 list on Coinmarketcap, taking a breather in July amidst the Bitcoin bull run, preparing to kick up a gear after the August halving.

The 400% price increase, which occurred since January, has once again put Litecoin in the limelight, and back at the 4th spot in the rankings of the most popular cryptocurrencies. This immense progress served as a magnet for business partners, with Flexa being probably one of the most important ones since it is a digital gateway to the consumer market in the United States.

Detailed overview of the deal

A few days ago, Flexa issued the official press release to inform the public of the addition of Litecoin to the existing list of digital assets accepted by merchants across the United States that agreed to participate in the emerging ecosystem.

Although Flexa is a relatively young project - the network has been officially launched only seven weeks ago - it has already established firm partnership relations with more than 39,250 brick-and-mortar retail stores located all over the country. It should be noted that this platform created a strong bond with Gemini, the New York-based cryptocurrency exchange and custodian founded by the Winklevoss brothers, the well-known digital entrepreneurs and cryptocurrency positivists. The partnership provided for the insurance of all funds that circulate in the Flexa network, as well as the risk-proof custody of all cryptocurrencies, including Litecoin, stored in the project’s proprietary digital wallets called SPEDN.  

Along with Litecoin, Flexa offers users a chance to purchase different commodities using Bitcoin, Ethereum, Bitcoin Cash, and Gemini’s own currency called the Gemini Dollar, a stablecoin that is pegged to the US Dollar and regulated by the corresponding financial authorities.

The list of stores, as well as food chains, that will now begin accepting Litecoin through the point-of-sale terminals include such household names as Office Depot, Baskin Robbins, Whole Foods, and GameStop. Charlie Lee, the founding father of Litecoin, expressed his sincere excitement about the deal that will certainly bring the usability of this cryptocurrency to a whole new level.

Author: Alex Paulson for Crypto-Rating.com