Retail Giants Like Whole Foods, Baskin Robbins, Barnes & Noble, Start Accepting Bitcoin Payments

Crypto companies have been working for a long time to bring digital currency spendings to daily life.  However, digital currencies being an extremely volatile asset class, retailers and merchants have stayed away from accepting crypto assets as payments, in the past.

The scenario seems to be changing slowly with the development of safe and robust technology supporting crypto payments. In a recent announcement, major retail players like Amazon-owned Whole Foods, Barnes & Noble, Baskin Robbins, Nordstrom, Crate & Barrel, and many other have decided to accept crypto payments.

Thanks to the newly sealed partnership between crypto trading platform Gemini and payments startup Flexa. According to the official announcement, consumers can easily spend Gemini’s stablecoin Gemini Dollars (GUSD) along with Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH).

The payment shall be facilitated using the SPEDN mobile wallet app which is powered by the Flexa Network. Just like the Visa and Mastercard, Flexa is an ethereum-based global payments network, but for spending digital currency.

While using SPEDN, the user first needs to deposit their cryptocurrency to the SPEDN mobile app which will be custodian by Gemini. SPEDN will look after the payment process by generating one-time QR code at the time of payment. The store’s scanner will scan the QR code while debiting the due payment from the customer’s account. 

Flexa’s payment solution helps users to leverage from the “the freedom, privacy, and security provided by cryptocurrency”. On the other hand the Gemini Dollar will allows users to spend their USD on blockchain without worrying about volatility.

Both Gemini and Flexa are working on a common goal to bring cryptocurrencies into daily spendings. In the official announcement, Gemini co-founder Tyler Winklevoss writes: “Together, by providing Flexa with trusted custody and infrastructure, we hope to profoundly improve the payment experience; and merchants who are currently subject to overly complex, expensive legacy systems of credit and debit cards stand to benefit significantly”.

He also lists three major benefits to Flexa retailers and merchants.

  1. get significantly less expensive and fraud-resistant transactions,
  2. can use the same payment hardware they currently use, and
  3. receive payment in fiat currency, not crypto

Tyler’s twin brother and Gemini co-founder Cameron Winklevoss said: We're finally realizing the promise of crypto in payments. It’s taken a long time, but as you've seen for yourself, we're here. It's a total win for the merchants. That transaction was effectively free.”