In fact, the fourth biggest cryptocurrency by market capitalization was the first one to be included in the list of supported coins within Flexa’s ecosystem, which came into existence on May 13.
Spedn, the numero uno application developed on Flexa network, facilitated the startup’s merchant associates to accept four cryptos, namely Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH) and Winklevoss backed Gemini dollar (GUSD), a stable coin.
In particular, Flexa started supporting GUSD based on a broader collaboration with Winklevoss’ Gemini exchange, which aims to guarantee safety and regulatory framework for Spedn.
Flexa has justified the addition of Litecoin to its platform by saying that the cryptocurrency facilitates transaction at extremely low fees and provides quick confirmation, in addition to “an active community of avid supporters and payments enthusiasts.”
Flexa, however, did not provide any reason for the delay in supporting Litecoin, which was mentioned in the former’s white paper as one of the coins that would be supported in the initial launch.
Flexa, however, seems to have avoided Litecoin deliberately to “capitalise on the excitement” over the forthcoming Litecoin Halving incident, which is anticipated to happen on August 7, 2019 at block height 1,680,000.
Back in April, Flexa raised $14.10 million in financing round headed by Pantera Capital, 1kx, Access Ventures, Nima Capital and several more, preceding the firm’s public launch in May.
In the meantime, US-based investment data provider Weiss Ratings bas rated Litecoin as “excellent” on the basis of adoption and investment rewards. On June 18th, Litecoin Foundation inked a partnership deal to unveil a cryptocurrency debit card that facilitates users to pay for products and services received at physical locations and online.