Whole Foods, Home Depot, Among Stores Now Taking Bitcoin
Fortune - Mon 13 May 19:19 GMT

Crate and Barrel, Nordstrom and Whole Foods are among major retailers now accepting Bitcoin via a project backed by the Winklevoss twins.

Whole Foods, Home Depot, Among Stores Now Taking Bitcoin

  What Flexa has done is persuade the retailers—which also include Regal Cinemas, Gamestop and Baskin Robbins—to configure their scanners to recognize payments from its cryptocurrency app, which is called Spedn.

  The Spedn app lets users spend four types of crypto: Bitcoin, Bitcoin Cash, Ethereum and a so-called stablecoin called a Gemini Dollar, which is pegged to the value of one U.S. dollar and backed by banking giant State Street.

  Meanwhile, for consumers, using cryptocurrency as an everyday payment mechanism has proved impractical because of crypto’s volatility—a wallet with $100 worth of Bitcoin at the start of the week may only be worth $80 by week’s end.

  But this time around, merchants may be more comfortable offering crypto payment because the scanner system provides an easy way to accept them, and because Flexa offers a real-time network to clear the transactions.

  Meanwhile, Flexa’s Spalding told Fortune the company will provide developer kits to other companies that want to incorporate the scanner payment technology into their own apps.