If you’d like to pay for coffee at Starbucks USA with bitcoins you will need the mobile wallet app “Spedn”, which is available from the iOS Apple Store. The name derives from the English word “spend” with an intentional letter transposition. It follows the pattern set by “hodl”, which in the crypto-community stands for “hold” and has been in use since someone once accidentally misspelled “hold”.
The bitcoins for the coffee are booked against the customer’s app when payment is made. For this purpose a QR code is generated on the customer’s mobile phone and read by the retailer’s scanner. The retailer receives payment in US dollars, into which the bitcoins are directly converted by Flexa. The actual exchange takes place via the Winklevoss brothers’ crypto-exchange Gemini. In addition to Bitcoin, the system can also process Bitcoin Cash, Ether, Litecoin, Zcash and Gemini dollar (GUSD).
According to Flexa, in addition to Starbucks, companies which officially accept these crypto-currencies include Barnes & Noble, Baskin Robbins, Bed Bath & Beyond, Karibukaffee, Crate & Barrel, Express, GameStop, Jamba-Saft, Lowes, Nordstrom, Office Depot & OfficeMax, Petco, Regal Kinos, Ulta Beauty und Amazon Whole Foods Market. “With Flexa, retailers benefit from substantially lower-cost, fraud-resistant transactions,” explained Tyler Winklevoss, CEO of Gemini. “They can continue to use their current payment hardware, and receive payments in fiat currency, not in crypto.
We believe that this will not only lead to long-term cost savings for retailers, but also for consumers. The service offered by Flexa and the Gemini dollar support,” he continued, “represent a further step towards a more efficient, more economical and fairer global financial system. We look forward to what lies ahead. Don’t just HODL, SPEDN!”