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Cryptocurrency goes to American retail

05/14/2019
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  • retail
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A number of US chain stores announced their intention to introduce settlements with buyers in cryptocurrency. To do this, the Spedn mobile application will be used, which was developed by the Gemini exchange and the startup Flexa.

What can the application Spedn

To pay for the purchase with a cryptocurrency, the user will only need to have the Spedn application on their phone. It already supports three popular coins - BTC, BCH and ETH. In addition, it also has support for the Steinblock Gemini Dollar. Many users fear to hold funds in digital financial assets due to the risk of increased volatility. Tokens with a dollar exchange rate completely solve this problem.

Stablecoin GUSD is released by the Gemini Winklevoss Brothers Exchange to conduct calculations without the risk of increased volatility. It is provided with real financial assets, which allows you to keep a stable rate of 1: 1 against the US dollar.

An important feature of this project will be that retail stores do not have to buy new equipment. Their scanners accept payments in such a way that the cashiers will not even know exactly how the buyer pays. Technically, there is no difference between fiat money and cryptocurrency. At the same time, Gemini and Flexa will provide instant cash flow.

Who is interested in new technology

Amazon’s Whole Foods network, Crate and Barrel stores, and Nordstrom department stores have already announced a possible start of cooperation. The project is ready to join the chain of coffee shops Baskin Robbins, which has more than 15,000 retail outlets worldwide.

In the spring of 2019, the British travel company Corporate Traveler began accepting payments in cryptocurrency. This was done at the request of buyers, to whom such methods of payment proved to be more profitable.

Starbucks, the largest chain of coffee houses, announced its readiness to implement a system of settlements with customers through cryptocurrency by the end of 2019. This will be possible through cooperation with the Bakkt trading platform, where Starbucks has a significant share. Initially, the project will be implemented exclusively in the United States, but then it is planned to extend the experience to other countries.

Why does retail need a cryptocurrency

With a well-established system of traditional payments, calculations in cryptocurrency seem to be a toy for enthusiasts. Almost every user has a plastic card in his pocket. With its help, a person can pay for any purchase without commission. However, for stores this method of calculation is not entirely profitable.

The commission of the Visa payment system for acquiring can reach 0.4%. When making a payment through the blockchain, it decreases tenfold.

The client does not know that each payment through a plastic card requires additional costs for the seller. And ultimately this translates into an additional increase in the value of the goods, which negatively affects the country's economy.

Thanks to new technologies, there is no need to pay large commissions. According to this indicator, cryptocurrencies have no equal. They were originally created as decentralized peer-to-peer networks, and now they finally realize their full purpose. Although it is too early to say that non-cash payments in cryptocurrency are becoming widespread.

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