Exchange Amp (AMP)

Flexa Network is a decentralized payment network designed to facilitate instant and secure cryptocurrency transactions for merchants and consumers. Flexa Network aims to enable instant and secure cryptocurrency transactions for both merchants and consumers.

The Flexa project was founded by Tyler Spalding and Trevor Filter. It was officially announced in April 2019.

Tyler Spalding, one of the co-founders, previously worked as the Head of Growth at the digital currency exchange platform, Uphold. Trevor Filter, the other co-founder, had a background in engineering and software development.

The idea behind Flexa was to create a payment network that would facilitate the mainstream adoption of cryptocurrency by allowing users to seamlessly spend digital assets at various merchants. The project aimed to address some of the key challenges hindering cryptocurrency adoption, such as scalability, merchant acceptance, and user experience.

Flexa's unique approach, focusing on instant transactions and merchant integration, aimed to make cryptocurrency payments as simple and convenient as traditional payment methods like credit cards or mobile wallets.

Flexa integrates with existing point-of-sale (POS) systems used by merchants, making it easy for businesses to accept cryptocurrency payments without the need for additional hardware or software.

During a purchase, an app generates a unique barcode known as a "flexcode," which participating retailers can scan to instantly authorize and guarantee the transaction. Merchants are then paid by Flexa in either convertible virtual currency or their preferred fiat currency. Simultaneously, Flexa's Spend SDK deducts the equivalent amount of cryptocurrency (such as bitcoin or ether) from the digital wallet within the app.

Flexa facilitates instant transactions, allowing users to pay for goods and services in real time using various cryptocurrencies.

Users can utilize Flexa-compatible wallets to make payments using supported cryptocurrencies. These wallets typically offer features such as storing multiple cryptocurrencies and managing transaction history.

Flexa Payments is a system that enables users to make cryptocurrency transactions seamlessly and securely at various merchants. It allows individuals to spend their digital assets at both online and physical stores that accept payments through the Flexa Network.

Flexa Payments offers native, on-chain support for transactions involving 99 different digital currencies across twelve of the most widely used blockchain networks and scaling solutions. These supported networks currently encompass Bitcoin, Bitcoin Cash, Cardano, Celo, Dogecoin, Ethereum, the Lightning Network, Litecoin, Polygon, Solana Pay, Tezos, and Zcash. 

Efforts are currently in progress to integrate additional layer 1 blockchain networks, sidechains, and layer 2 scaling solutions into the Flexa Payments system. Flexa Payments currently supports compatibility with a greater number of blockchain networks than any other digital currency payment provider. The Flexa team anticipates further expanding compatibility with additional popular networks in the upcoming months.

Furthermore, Flexa Payments enhances the seamlessness, transparency, and security of transactions made through Flexa-enabled applications like Gemini and Argent. Users benefit from a streamlined checkout process, as they can complete payments with just a single tap. Additionally, they have easy access to detailed information about the merchant and can review transaction specifics, including the precise value of funds being transferred, and denominated in the payment’s unit of account (e.g., USD).

The Flexa model offers advantages to both parties involved in a transaction. For cryptocurrency holders, Flexa facilitates the use of digital assets in real-world transactions, bolstering the status of cryptocurrency as a viable form of currency and enabling the exchange of value for goods and services. Meanwhile, merchants benefit from various advantages provided by Flexa, such as cost reduction, quicker settlement times, fraud prevention, and access to the expanding cryptocurrency market.

Flexa incorporates familiar technologies like backward-compatible barcodes, ISO 8583 messaging, and closed-loop payment rails, simplifying the complexities associated with handling cryptocurrency regulations. This effectively removes the need for custom IT work and compliance obligations, making it easier for businesses to adopt crypto payments. Additionally, Flexa's extensive range of plug-ins and integrations often bypass traditional intermediaries in payment transactions, significantly lowering acceptance costs and speeding up payment processing times.

Flexa takes a novel approach to combating payment fraud. Traditional payment card transactions face significant fraud risks, with global losses potentially exceeding $12 billion in 2021. Flexa's proprietary flexcodes generate unique identifiers for each purchase, enhancing security while safeguarding user privacy. By leveraging distributed networks to validate transactions and employing decentralized payment collateralization, Flexa eliminates the possibility of traditional payment fraud methods.

AMP is the native digital asset of the Flexa Network. AMP is often used as collateral to secure transactions on the Flexa Network. It operates on the Ethereum blockchain as an ERC-20 token. The AMP token has a total supply of 99,213,408,535 AMP, and as of March 20, 2024, the circulating supply is 42,227,702,186 AMP. 

The average Fees on the Flexa Network 

Flexa applies a transaction fee equivalent to 1% of the total purchase amount, a rate in line with many competitors in the industry. This makes it a moderately appealing option for merchants seeking payment processing solutions.

The average fees on the Flexa Network can vary depending on several factors such as the cryptocurrency being used, transaction volume, network congestion, and other variables.

The AMP token wallets 

The AMP tokens can be held in any crypto wallet that supports ERC-20 assets, such as MetaMask, MyEtherWallet, Ledger, Trezor, Trust Wallet, Exodus, Atomic Wallet, Coinbase, Coinomi, Eidoo, etc.