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What is Flexa Coin? A Guide to FXC Token

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A look at the Flexa project, its background, history, and its native asset, Flexacoin. We will also talk about its underlying protocol, as well as its role in the Decentralized Finance (DeFi) field.

The Flexa project claims to be the “simplest and safest way” to allow retail usage of crypto-currencies today. This DeFi project has acquired its reputation and value by enabling different crypto-assets to be used for payments on its digital wallets. And these are done in an instant and highly-secure manner for users and merchants alike.

Built on Ethereum, the native Flexacoin is a digital token built for facilitating commerce. By using this technology, customers can pay using cryptocurrency and merchants can receive payments in fiat.

Table of Contents

Background

Based in the United States, the Flexa project was launched in 2019 by Daniel McCabe, Trevor Filter, Tyle Spalding and Zachary Kilgore, who served different roles. The fundraising was carried out via private sale, for which Access Ventures was the leading investor.

The team combines extensive experience in technology, retail, and payment technology. Its members have worked with American Express, Capital One, the MIT media lab, NASA, Paypal, Warby Parker and Starbucks.

What is Flexa?

The Flexa project is a set of decentralized components and protocols, powering a versatile payments network to make cryptocurrencies spendable everywhere. It is designed to facilitate economic activity, act as an intermediary for payment transmission, and create a major use case for the blockchain.

It enables an entire ecosystem of applications to process feeless and instant digital payments for the users. Flex powers Gemini, SPEDN, BRD, Celo Wallet, CoinList etc. applications to allow storage, buying/selling and swapping of digital assets.

The Flexa project consists of SDK for digital wallets, the Flexacoin Collateral Token (FXC) and the Flex Network Protocol – which defines the mechanism and powers the technology for operation.

Flexa – A Useful DeFi Initiative and Comparison With Lightning Network

The world of Decentralized Finance (DeFi) is about disrupting the traditional financial system. And there is no better disruption than taking over the multi-billion dollar payment industry. After all, traditional financial services are known to overcharge their customers and are highly inefficient. 

Since its introduction in 2019, Flexa has quickly risen through the ranks and is on its way to become one of the top ten projects in DeFi.

Flexa complements the lending, borrowing, derivative, synthetics, liquidity mining and other DeFi processes by adding a much-needed payments component. The current total value locked for Flexa stands at $86.8M, which gives an idea about the popularity and impact of this powerful technology.

Its closest competitor – the Bitcoin’s Lightning network, in comparison, has a TVL of $11.6M in its public channels. 

The Flexa projects’ user experience/interface is largely considered by many to be more convenient and powerful than the Lightning network.

Flexa Supported Assets

The Flexa projects currently support a wide variety of stable, prominent cryptocurrencies. For instance, the stablecoins DAI, Gemini dollar, USD coin etc. are supported. 

And so are digital tokens such as LINK, ZRX, ATOM, COMP, XRP etc. Among the prominent cryptocurrencies supported are BTC, BCH, ETH, EOS, DASH, ZEC, LTC etc. Furthermore, users can request new assets to be added.

Flexacoin Collateral Token (FXC)

The native token of the Flexa project is the Flexacoin Collateral Token (FXC). It secures all payments in real time, allows conversion of different crypto-assets, provides FIAT support and final settlement on chain. 

The token itself is built on the ERC-20 standard, which runs on the Ethereum blockchain.

The total supply of FXC tokens is 100 billion. Out of which, 20% was reserved for token sale investors, 25% for merchant development fund, 25% for developer grants, 10% for the network development fund and 20% for the team.

Flex Network Protocol (FNP)

The Flex Network Protocol (FNP) is an open source protocol powering the Flex ecosystem. It allows for the addition of retail payments features, bringing acceptance of digital assets, reducing complexity, and minimizing volatility.

The protocol provides mechanisms for payment confirmation and acceptance, as well as wide compatibility and easy integration with digital wallets and other payment systems. The whitepaper specifies that the protocol aims to be compliant, useful, instant, and secure.

Advantages of Flexa

The Flexa system offers significant advantages and revolutionary improvement over the traditional payment system. 

100% Digital And Private

The Flexa payments are 100% digital from start to end, allowing them to transfer and settle in seconds. The transactions within the system don’t include any sensitive information to identify the sender. Instead, it uses an undecryptable digital code to send payment information.

Settlement Guarantee And Fraud Resistance

The payments completed through Flexa are guaranteed to be settled and don’t have charge-back problems. In a manner similar to the basic principles of the blockchain, completed transactions become final and immutable. 

This means that merchants can be certain that the payments can’t be reversed unlike in traditional banking.

Versatile Integration With Payment Systems

The Flexa system is designed to be highly modular, and thus, allows the integration with different payment systems. It is heavily customizable to fit all particular requirements of a business.

Multiple Payment Options

The protocol supports a wide variety of cryptocurrencies, tokens and stablecoins, which means that users can utilize their favorite assets. Merchants, on the other hand, can be assured that they will receive payments in non-volatile FIAT.

Simple And Easy Payments

The users can utilize multiple digital wallets, leveraging Flexa technology to pay with ease and less hassle. The process is as simple as loading cryptocurrencies on wallets, executing tap and pay, with the Flexa back-end taking care of the rest.

Flexa Capacity

Flexa Capacity is a dapp designed to allow any crypto asset to be spent from any wallet, with both custodial and non-custodial support. The system utilizes FXC as collateral to provide assurance for merchants to receive payments for purchases at all times.

With that in mind, Flexa Capacity has two main functions:

  1. A mechanism for adding collateral to the Flexa network and assigning it toward wallets with Flexa support.
  2. A real-time snapshot of the Flexa network capacity, which allows anyone to view the total value of unconfirmed transaction that the blockchain can handle at a given time.

Flexa Capacity went live on mainnet in November 2019, and the network’s current total capacity is roughly 6.8 billion FXC. To add collateral to the system, here are the stes:

  1. Go over to the dapp web portal and connect your wallet.
  2. Supply the Capacity smart contract with Flexacoin.
  3. Allocate your FXC and set up your capacity to a wallet that is Flexa-enabled.
  4. Earn rewards or withdraw your capacity whenever you wish.

Conclusion

The nascent distributed ledger technologies (DLTs) have been regarded as revolutionary, but have been often criticized as not having practical use cases and adoption. The payment processing and value transfer is one of the fields, which can greatly benefit from the usage of blockchain and cryptocurrencies.

The Flexa project is changing that, with its advanced technology and new-found synergy with the digital assets.

The protocol has mastered a way for cryptocurrencies to be utilized efficiently for acquiring / trading goods and services. With so few competitors in the blockchain payment processing field, there’s little doubt that Flexa will command a higher market-share in the future. 

Source: https://www.asiacryptotoday.com/flexacoin-fxc/

Blockchain

Document Leak Suggests Major Banks Facilitated Transfer of $2 Trillion in Dirty Money – 10x Current Bitcoin’s Market Cap

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Recently surfaced FinCEN documents revealed that some giant banks have knowingly transmitted trillions of dollars in suspicious transactions from Ponzi schemes and terrorist organizations. Names such as HSBC, Standard Chartered, Bank of America, JPMorgan Chase, and more, have been collecting significant fees while flying under the radar for years.

FinCEN Documents Reveal Big Banks’ Actions

BuzzFeed reported on September 20th about receiving thousands of documents of suspicious activity reports (known as SARs) sent from banks to the US Financial Crimes Enforcement Network (FinCEN). Banks are required to provide SARs in case of evidence of suspicious activity.

Although FinCEN sends the SARs to law enforcement agencies for further review, the entity doesn’t enforce the banks to seize operating with suspicious individuals or companies.

Nevertheless, some giant banks, including HSBC and Standard Chartered, who were already prosecuted or fined for financial misconduct, have continued to transfer money for suspected criminals.

HSBC
HSBC Building. Source: Flickr.

The Corruption Within The Legitimate System

BuzzFeed’s investigations indicated that HSBC’s Hong Kong branch allowed a known Ponzi scheme dubbed WCM777 to move more than $15 million even after three states banned its operations. The total amount stolen from investors is over $80 million, according to authorities. The scam’s owner used the funds to buy two golf courses, a 7,000 Sq.Ft. mansion, and a 40-carat diamond.

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Standard Chartered transferred significant amounts on behalf of a Dubai-based company accused of laundering cash for the Taliban called Al Zarooni Exchange.

Some US giants such as Bank of America, Citibank, JPMorgan Chase, and American Express “collectively processed millions of dollars in transactions for the family of Viktor Khrapunov.”

Khrapunov is the former mayor of Kazakhstan’s most populated city who fled the country after Interpol issued a Red Notice for his arrest. Later on, Khrapunov was convicted in absentia on charges, including bribe-taking and defrauding the city through public property sales.

“The FinCEN Files expose an underlying truth of the modern era: the networks through which dirty money traverse the world have become vital arteries of the global economy. They enable a shadow financial system so wide-ranging and unchecked that it has become inextricable from the so-called legitimate economy. Banks with household names have helped to make it so.” – concluded BuzzFeed.

Former suspicious transactions investigator Martin Woods said that “some of these people in those crisp white shirts in their sharp suits are feeding off the tragedy of people dying all over the world.”

The leaked SAR documents have been submitted to FinCEN between 2000 and 2017 and cover transactions worth about $2 trillion.

Where’s Bitcoin’s Place?

Ever since Bitcoin began gaining traction a few years ago, people outside of the cryptocurrency field have often criticized the asset claiming that it enables criminals to transfer funds anonymously. Those individuals argue that the unregulated nature of cryptocurrency is to blame.

Interestingly, FinCEN Director Kenneth Blanco urged the US to enforce strict regulations on digital asset usage to minimize the adverse impact.

However, numerous reports compiled on the matter have indicated that Bitcoin is not as frequently employed for illicit transactions as most people tend to believe. In fact, this one showed that only 0.5% of all BTC transactions are linked to illegal activities.

The leaked FinCEN documents could further reaffirm the narrative that fiat currencies are still way more utilized for illicit transactions.

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Source: https://cryptopotato.com/document-leak-suggests-major-banks-facilitated-transfer-of-2-trillion-in-dirty-money-10x-current-bitcoins-market-cap/

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Bitcoin Price Analysis: Crucial Moment For BTC After Closing Under 150-Day Support, Bear Market Inbound?

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Bitcoin’s price has just closed underneath the primary channel support (yellow line) on the daily chart for the first time since April 26, 2020 – over 151 days ago.

This could spell doom for the leading crypto’s short to mid-term prospects unless significant bullish volume arrives to drive BTC back into the up-trending channel.

According to data by Coinmarketcap, the global crypto market cap has also fallen back under $325 billion and set a new lower high for the first time since the extreme Coronavirus crash in March 2020 (see red arrow). This is usually a strong indication that the market has now turned favorably bearish.

crypto market capital
Chart by Coinmarketcap

BTC Price Levels to Watch in the Short-term

On the daily BTC/USD chart, we can see that the price is hovering above the critical support-resistance zone (green) at around $10,200 – $10,000.

This particular area is also reinforced by the 0.618 Fibonacci level, which previously acted as a strong resistance for Bitcoin back in May and June this year.

Bullish traders are currently using this solid foothold to attempt a re-entry back into the main channel above $10,380.

This is a crucial moment for BTC. Failing to break this resistance will likely result in a lack of confidence in the leading asset and further downside towards $10,000 and even the unfilled CME gap below at $9,665 – $9,925.

If this does happen, the 200-EMA (red line) at $9,800 will likely be one of the first supports to help slow down the decline. From there, the bottom of the CME gap at $9,665 should also provide a rebound opportunity for bulls once it finally closes. Other supports lower down can be found at $9,160 and the 0.5 Fibonacci level at $8,867.

The daily RSI adds further confirmation that Bitcoin’s price will likely continue to decline. There’s been a noticeable divergence between the price action and the RSI since August 1 (yellow arrow on RSI), which usually indicates that the trend is weakening. The daily MACD is also decidedly bearish, with selling volume appearing on the histogram as well as a bearish divergence between the 12 and 24 moving averages.

Total market capital: $329 billion

Bitcoin market capital: $190 billion

Bitcoin dominance: 57.9%

*Data by Coingecko.

Bitstamp BTC/USD Daily Chart

bitcoin trading
BTC/USD chart via Tradingview
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/bitcoin-price-analysis-crucial-moment-for-btc-after-closing-under-150-day-support-bear-market-inbound/

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Altcoin Season on Wall Street: SPI Energy Stock Surges 3000% on Electric Vehicle News

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When it comes down to sharp price movements, people tend to relate them to the cryptocurrency market and especially alternative coins. However, a massive four-digit percentage price surge occurred yesterday on Wall Street with a little-known company after it announced plans to enter the electric vehicle (EV) business.

3,100% Pump In A Day On Wall Street

Headquartered in Hong Kong, SPI Energy, a part of SPI Group, operates as a solar panel developer and wholesale supplier. Interestingly, the company also serves as a “turnkey, one-stop cryptocurrency mining hosting and equipment solution.”

Yesterday, though, SPI Energy launched a wholly-owned subsidiary called EdisonFuture Inc. The new firm’s establishment would enable the company to “design and develop electric vehicles (EV) and EV charging solutions.” Essentially, this would position EdisonFuture in the same field as arguably the most popular EV developer – Elon Musk’s Tesla.

SPI Energy CEO Xiaofeng Peng commented that Tesla has already demonstrated that this end-to-end business model in the renewable energy space can “generate significant value.”

Yesterday’s announcement impacted SPI Energy’s shares almost immediately. SPI closed the Tuesday trading session at $1,05. However, the stocks skyrocketed to a daily high of $33,53 on Wednesday, thus registering an impressive increase of nearly 3,100%. Consequently, the company’s market value also surged from about $15 million to roughly $460 million.

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The high volatility continued until the end of the trading session, but this time in the opposite direction and SPI closed at $14.

So, It’s Not Just The Altcoins

The above example is not the first in which a Wall Street-traded company stock has showcased notable volatility. Earlier this year, the popular corporation operating a few rental car brands Hertz Global Holdings, filed for bankruptcy. The company stock plummeted to below $0,50 but in a few days surged by 1,000% to $5.53.

The drama regarding the German-based online payment processor Wirecard AG also resulted in highly-volatile stock price performance. After filing for insolvency due to missing $2.1 billion, WDI nosedived from 100 EUR to 1 EUR per share in less than a week. A few days later, news of ban lifting in the UK pushed the stock price to 9 EUR (a 900% surge).

Similar extremely volatile developments are generally linked to the cryptocurrency market, where double, triple, and sometimes even quadruple-digit price increases could occur among altcoins.

The difference is that the cryptocurrency market is unregulated, and it trades 24/7. On the other hand, Wall Street and all other global financial stock exchanges are highly regulated, with numerous watchdogs following each move.

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Source: https://cryptopotato.com/altcoin-season-on-wall-street-spi-energy-stock-surges-3000-on-electric-vehicle-news/

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