Blockchain-startup Flexa raised $ 14.1 of investment in creating a payment network for retailers, according to a press release.
The 1kx fund, Access Ventures, Nima Capital investment firms, and Pantera Capital hedge fund took part in the financing round. The latter recently raised $ 160 million for its investment project Venture Fund III.
According to representatives of Flexa, the payment network being developed by a start-up will allow retailers to reduce costs. At the same time, the blockchain technology underlying the network is designed to minimize fraud in payments. The startup also plans to release a mobile application that supports cryptocurrency.
The anti-fraud and cost benefits of global cryptocurrency payments are enormous, but there are many barriers to mainstream adoption for merchants and consumers alike. Flexa's going to change that, and very quickly. With this funding, we'll continue to develop our network infrastructure to support our retail network and strategic partners.
Co-Founder and CEO, Flexa
In March, Pantera Capital invested in Tagomi, a cryptocurrency broker that was created by Coinbase co-founder Fred Ersam.