New York’s infamous “Blockchain Week” has kicked into gear, showering the crypto community with groundbreaking news and developments poised to change the landscape. Among Monday’s announcements was Flexa’s partnership with a major Bitcoin exchange that will revolutionize spending digital currencies in physical stores. Gemini Now, users have the opportunity to spend their favorite digital currencies at a host of brick-and-mortar stores.
SPEDN: Revolutionizing Crypto Spending in the Real World
Announced Monday in a Medium post Flexa, though lesser-known, aims to make digital currency spending a universal experience, rolling out Bitcoin, Bitcoin Cash, Ethereum, and Gemini’s stablecoin to more than 30,000 retail locations.
The retail giants embracing these new digital currencies range from Crate & Barrel to GameStop, Lowe’s, Nordstrom, and notably, Amazon-owned Whole Foods. Participation in the Flexa ecosystem suggests a commitment to innovation.
To bring this vision to life, Flexa has unveiled the “SPEDN” app—a clever nod to the crypto culture phrase “HODL”—exclusively on Apple devices. Through this app, users can store and use their digital assets at various physical locations as a regular payment method.
While the end result for retailers is receiving fiat currency, this initiative significantly enhances the practical use of cryptocurrencies.
The Winklevoss twins even bought coffee at Starbucks using their own cryptocurrency. But the story extends beyond that, as Nordstrom and Whole Foods now welcome bitcoin and ether. https://t.co/ftcn7tNX1T by @DelRayMan via @Forbes #Consensus2019 #NYCBlockchainWeek pic.twitter.com/lyJlwNiCKp
— Forbes Crypto (@ForbesCrypto) May 13, 2019
Despite the excitement, a downside is that using cryptocurrencies for physical purchases is treated as a taxable event in the U.S. However, entities like CoinCenter are actively working to address this, potentially reinforcing digital currencies as the next wave of financial evolution.
Other Exciting Developments During Blockchain Week
Flexa’s groundbreaking move wasn’t the only standout news during New York’s Blockchain Week.
Bakkt, backed by the New York Stock Exchange's parent company, Intercontinental Exchange (ICE), announced it is nearing completion of testing its much-awaited Bitcoin futures contracts.
As echoed in prior Blockonomi stories, insiders relayed to Bloomberg that delays were due to custody issues. However, with the recent green light, the U.S. Commodity Futures Trading Commission (CFTC) appears more receptive. Bakkt Bakkt aims to introduce its futures contracts in July, a timeline contingent upon several factors.
Meanwhile, whispers about eBay entering the cryptocurrency realm have surfaced. Over the weekend, as Consensus, the premier crypto event, neared, attendees spotted signs indicating eBay’s sponsorship.
HUGE: Leaked image from #Consensus reveals eBay may start accepting #cryptocurrency
With no confirmation released, speculation is rife about eBay's potential integration with the crypto payment service UTRUST. pic.twitter.com/wWFFRrXtC0
— Shalini⚡ (@DesiCryptoHodlr) May 13, 2019
eBay’s emblem appeared on windows with the message “digital currency, it’s happening”, signaling that a major announcement from this tech giant may soon bolster global crypto adoption.
In the trading domain, the CME witnessed its highest Bitcoin futures activity ever, surpassing $1 billion in trading volume on Monday. To many, this signifies that institutional investors are beginning to dive into the crypto market, preparing for the next uptrend. Bitcoin futures On May 13, CME's Bitcoin futures hit an unparalleled mark of 33.7K contracts, equating to 168K bitcoins, a steep increase from the previous peak of 22.5K contracts just last April.
I'm a seasoned writer covering cryptocurrency since 2013. My work appears in top industry outlets like LongHash, NewsBTC, and Decrypt. Apart from writing, I contribute to the EXODUS division at HTC, a Taiwanese electronics firm. I own a modest amount of Bitcoin. Reach out at [email protected] $BTC to manage uncertainty: https://t.co/hDgraMj5pe pic.twitter.com/ct1xkjoJDF
— CME Group (@CMEGroup) May 13, 2019
