Please be aware that the information from this article might be slightly outdated since the Flexa team has their focus on product and will release product and up to date information during a HUGE release event at Consensus 2019 on May 13th.
Creators of Flexa are an ambitious lot. They are bringing forth new money. It’s faster, cheaper, secure and a solution that solves what the community wants, unlocking $250-$500 billion in cryptocurrencies levitating in digital ether. Flexa is therefore an innovative payment network through which you can spend your cryptocurrency, instantly.
The reliability stems from the distributed network in blockchain from where the Flex Network Protocol (FNP) operates from, differentiating itself from competitors coupling their operations with Visa and other alternatives which are fast but nonetheless centralized.
Powering the Flexa network is a scalable collateral token, Flexa Coin (FXC) and interfaced with Flexa App still in private beta. Flexa App uses a barcode at the point of sale to effect instant payments.
Starbucks, H&M, Tesco and other big retailers seem to be working with Flexa from the beginning.
Beta testing has been going on with the biggest retailers of the world and will enable real payments in crypto without the use of existing visa and other creditcard networks for the first time.
Quite distinctively, Flexa team is qualified and with decades of experience needed to take this platform forward. Key co-founders include Tyler Spalding, Trevor Filter and Zachary Kilgore. Others are Daniel McCabe and Ryan Records. These experts worked for institutions like NASA, MIT Labs, PayPal and Starbucks.
A standout is Tyler Spalding, a co-founder of Flexa, who have been actively involved in cryptocurrencies since 2011 and with more than 20 years experience in technology experience. He brings with him experience from Raise, where he was the Chief Technology Officer. Raise claims to be the world’s largest gift market place turning in $1 billion in revenue after drawing in $150 million in from venture capital.
Similarly, Daniel McCabe, who also doubles up as chief compliance officer and general counsel is, will guide the team in adherence with applicable laws and/or requirements.
Advisors include Luke Gebb, the SVP of Amex, Mark Jamison of Global Head of Innovation at Visa as well as Pete Woodhouse, a former CTO of PayPal credit. Combined, they bring a wealth of experience in technology and retail payments and are instrumental to the platform’s success.
Roadmap (product launch in 4 weeks)
Flexacoin will release their long awaited app during Concensus 2019 on May 13th. The known roadmap is slightly outdated and we expect Flexa to update it soon after product launch. Flexa plans to launch e-commerce integration testing followed by launch in Europe and Asia in Jul and Sep 2019. In Oct and Dec, they will launch a public FNP access for developers. These measures will help Flexa realize its goal of a global payment gateway after launching on May, 13.
Powering the network is the Flexa Coin utility token. Based off Ethereum, the token is based on the ERC-20 standard and there will be a total of 100 billion FXCs. That said, only 40 billion are in supply.
Flexacoin development team recently conducted a successful ICO with a haul of $14.4 Million after selling 16 billion FXC tokens. In the crowd sale, the private sale price per token was $0.001. From this private sale 11.5 B tokens were released in January with the rest of the private sale 4.5 B tokens to be unlocked in January 2020. At the moment, it is calculated that the unlocked circulating supply is between 11.5 Billion and 18 Billion which seems really good compared to the total supply. The team will soon clarify the final numbers.
20 billion tokens have been reserved for the team with a five-year vesting period.
According to data from CoinMarketCap, FXC is changing hands at around $0.002302 with a ROI of 135 percent, but it could be higher because FXC peaked at $0.002750 in Apr-17, 2019.
FXC/ETH Price Analysis
At the time of press, FXC daily volume is $93,288 and changing hands at 0.0000143 ETHS. Despite what it tries to achieve, the token’s liquidity is low and trading at IDEX, where it is paired against ETH. At spot rates, the coin is up 5.41 percent but still a long way from its ATHs at 0.00003844 ETHs last printed when it listed in IDEX.
Moving on, we expect some movement around the launch—roughly three weeks from now set on May 13, and that would perhaps increase liquidity and depth as bull drive prices towards the coin’s ATHs.
Notice that FXC prices are in range mode and from an effort versus result point of view, bearish because Feb-14 bear bar did engulf Feb-13’s. But future trend is largely dependent on whether prices will fall below Feb-14 support at 0.00000054 ETH. If the latter is the case then FXC could sink, registering new lows discouraging participation.
This Is Not Financial Advice. Do Your Own Research
Flexacoin is a project with tremendous upsides because of its real world utility function. In the short-term, the fact that Flexa, based in New York, will be the biggest sponsors of the Consensus set for May 13-15, 2019 at the New York Hilton Midtown.
By doing so it joins the rank with Microsoft, BitGo and Bakkt, as Flexa reveal their real desire of being a key player in this space. Traditionally, is where all those exceptional networking happens as it is a melting pot for “entrepreneurs, intrapreneurs, traders, developers, academics, students and the curious” keen on collaborating and debating the future of blockchain. Flexa will therefore use this opportunity to make big announcements concerning its immediate future.
Moreover, there are reports of large retail companies jumping on board. The American retail giants like Starbucks and H&M can provide immense latitude for Flexa. This will increase its market drastically and herald a huge jump in token prices. After all, it is not hard to see why. What Flexa represent is rarity, the first of its kind, a trailblazing solution and based off blockchain touching and impacting consumers positively. Flexa will offer their solutions cheaply, securely and because of blockchain, there is no fraud.
Finally, Flexa was successful in raising $14.1 million from amongst many investors, Pantera Capital and Nima Partners. Pantera is a reputable name in investment circles and the fact that they are involved means they are optimistic and their assessment of the project reveal that Flexa is indeed solving a need and filling a gap.
Besides, Flexa did well in their private sale and the additional investments will definitely improve on the initial gains. With the $14.1 million in funding, Tyler said it will be channeled towards “developing network infrastructure as they support their retail network and strategic partners.”
In the long term, Flexa will leverage strategic partnerships and efficient payments to be a leading light in cryptopayments. With the Flexa app, it will be possible to integrate the payment option in big consumer apps. To make this a reliaty, they will add various exchange-issued stablecoins and other crypto assets. This will increase the versatility of the Flexa App not just to holders of certain coins. In the meantime, there are partnerships with exchanges and merchants to make custom on-and-off ramps via the Flexa protocol.
Overly, merchant acceptance will ultimately be the X-factor in mainstream adoption. This is because the power of some of these retail brands is immense. Such collaborations would be a massive catalyst.
Another great thing for boosting FXC token demand will be staking once the network is live. Staking offers alternative investment opportunities that results in capital inflow at the same time entrenching decentralization. We have heard of great staking incentives being prepared but these need to be updated by the team more accurately.
Finally, we expect the biggest exchanges to be listing Flexa in the coming months and the team has been focusing on this for some time now to get great availability of the FXC token after product launch May 13th.