Despite the recent market dip, 2021 has been a comparatively successful year for most cryptocurrencies – this is especially true for Amp, the successor to Flexacoin.
Price losses in the double-digit percentage range characterize the 30-day balances of most top 50 coins – Matic, Kusama and Theta Fuel (TFuel) are among the few exceptions that confirm the rule. Amp is also one of the cryptocurrencies that are currently successfully defying the bears. What’s more, on June 11, the Flexa payment platform token hit a new all-time high at USD 0.082. At the time of writing, the amp price has already corrected to $ 0.068 – but the weekly plus of 0.067 is quite impressive. This also applies to the share price development in the current year. Amp traded at less than a cent in January. What is behind the freshly baked Top 50 Coin?
What is Flexa?
Flexa is a purely digital payment network that aims to make the acceptance of crypto currencies as a means of payment palatable to merchants. In contrast to other crypto point-of-sale solutions, Flexa manages entirely without its own hardware. Instead, retailers can easily integrate Flexa into their existing payment options. This is done via the Spedn app (not yet available in Germany), a key pillar in the Flexa ecosystem.
Spedn: Freedom of choice for dealers
When making a purchase, the app generates a barcode, the so-called “Flexcode”. The merchant (s): in scans the code to authorize and finalize the transaction immediately. The merchants receive the amount from Flexa either in crypto or in fiat. This is remarkable insofar as many crypto PoS systems convert crypto currencies into fiat money by default, so that only the latter arrives at the traders. According to the Website of the project, Flexa is now offered as a payment option in over 41,000 shops.
At the time of writing, Flexa supports four stablecoins (Celo Dollar, Dai, GUSD, and USDC) and 18 other cryptocurrencies. These include, for example, Bitcoin, Ether, Dogecoin, Algorand, Dash and Chainlink.
What is amp
Amp (formerly Flexacoin) ensures that Flexa always has sufficient liquidity to mediate the payment transactions and guarantee finality – even if the transaction has not yet been confirmed by the respective blockchain network. If there is a risk of default – for example because there has been an attack on the blockchain of the selected means of payment, Amp is automatically liquidated. Traders have the certainty that they will receive their money almost instantaneously in any case.
For this, Amp relies on so-called “security partitions” (collateral partitions). These are subsets of amp tokens that are stored as security for certain applications (e.g. the Flexa network). Holders have the option to stake their tokens in one of these partitions. The most important application for Amp so far is as collateral for the Flexa network. However, the token can also be used in other dApps and is also enjoying growing popularity in the staking pools of the DeFi world.
Where can I buy Flexa (Amp)?
So far, comparatively few large Bitcoin exchanges have listed Amp. Gemini started in September 2020. Coinbase Pro followed suit in spring 2021 – at the time of writing, however, the AMP / USD trading pair is reserved for US customers. Otherwise, Amp can also be purchased via decentralized exchanges such as Uniswap.