CELO becomes the latest digital currency to launch on Flexa, paving the way for Valora’s integration of the Spend SDK this year
Just two years ago, Flexa went live for the very first time to an audience of more than 5,000 attendees at the Consensus conference in New York City, while Bitcoin began its surge toward a 2019 high of nearly $14,000. Two years later, and the world could not be a more different place! With digital currency market volatility dominating headlines amid the recovery from a devastating global pandemic, and with influential figures taking predictable positions on this new technology’s impact on the future of the global financial system, there’s never been a better time to continue building the underlying infrastructure of today’s — and tomorrow’s — payment landscape.
In honor of Flexa’s two-year anniversary, and in celebration of Celo’s Donut hardfork, we’re celebrating this year’s Consensus in style — with not one, but three new ways we’re integrating the Celo and Flexa ecosystems to make digital currencies more useful and accessible for people all over the world.
Enabling support for CELO and cUSD spending
Over the past several years, the Celo Platform has proven itself again and again to be one of the most forward-thinking and thoughtfully designed ecosystems in the digital currency landscape. From the 100+ organizations aligned together under the banner of the Alliance for Prosperity (of which Flexa proudly counts itself a member), to the Celo ecosystem’s commitments toward sustainability and carbon neutrality, what the team at cLabs and contributors all over the world have been building is undoubtedly becoming critical payments infrastructure for the future.
Starting today, we’re delighted to be enabling support for Celo native asset (CELO) and Celo Dollar (cUSD) payments on the Flexa network. As the utility and governance asset for the Celo community, Celo’s native asset helps shape the direction of the Celo Platform and makes Celo’s stable assets possible. And as a stable asset that tracks the US dollar on the Celo blockchain, Celo Dollars make payments easier and more seamless for people all over the world — while insulating digital asset payments from all of the volatility that’s currently impacting the broader digital currency market. Celo Dollars are quickly being adopted around the globe, with more than 50 million cUSD in circulation as of just this morning.
Celo’s native asset is also becoming the first currency to launch inside of the new SPEDN app, which leverages the latest version of Flexa’s Spend SDK and enables CELO to become instantly spendable at more than 41,000 stores across the US. We’re incredibly excited to extend these spending capabilities to the Celo community, and are looking forward to enabling even more utility for Celo community members in the days, weeks, and months to come.
Introducing Valora as one of the next apps to launch with full support for Flexa’s Spend SDK
At Flexa, we’ve always envisioned a future in which everyone can easily use their digital assets, right from wherever they keep them. As the digital currency industry continues to grow and mature, it’s becoming increasingly clear that digital assets — whether cryptocurrencies, digital tokens, or even NFTs — will end up having a home across a wide array of apps on each of our mobile devices. The idea that anyone should be required to move digital assets to one app for spending, another app for trading, and yet another app for keeping track of balances is not just cumbersome, it’s a legacy constraint of the antiquated financial systems that we’re collectively leaving behind.
In keeping with this vision for the future, we’ve been focusing our efforts over the last several years on the development of a permission-less mobile software development kit to enable spending for any wallet — via the Flexa Spend SDK. And today we’re proud to share that the Valora app (a global mobile payments app built on the Celo blockchain) will be one of the first apps to launch with built-in Flexa spending support by way of the Spend SDK.
Valora’s adoption of the Flexa Spend SDK will unlock instant spending of Celo Dollars at the tens of thousands of merchant locations on the Flexa network right from within the Valora mobile app, leveraging Valora’s built-in security and Flexa’s instant, fraud-proof, and fee-free payments. We anticipate that Flexa spending will go live in the Valora app for US residents later this year.
Announcing cLabs as the first Flexa developer grant recipient for guaranteed spending capacity
Finally, Flexa is proud to announce cLabs as the inaugural recipient of a Flexa developer grant. As one of the organizations helping to guide the development of the Celo blockchain, cLabs is closely connected to the Celo community and the emerging ecosystem of apps building on the Celo blockchain, and there simply isn’t an organization better equipped to help us enable Flexa support across the Celo ecosystem. As part of this grant, Flexa will be providing cLabs with 10 million AMP, which will provide guaranteed spending capacity for the Valora app on the Flexa network, and will be staked toward Valora in Flexa’s Capacity smart contracts. This is a flexible grant, and it can and will be used by cLabs to support more Celo-enabled apps in adopting the Spend SDK over the next several years.
For the Amp community, this new Flexa Developer Grants program will provide additional choices when staking Amp and earning rewards. In fact, as soon as the complete first batch of developer grant recipients is announced, all such apps (including Valora) will become immediately available to stake on Flexa Capacity, even before they launch full Spend SDK support — with the initial network rewards distribution provided by Flexa from the Network Development Fund. We’ve carefully designed this approach to ensure that as soon as each new app enables spending, there will be enough collateral available to not only provide capacity for payments, but also enable individual stakers to share in the network rewards generated from the proceeds of payment volume processed via these apps.
All of us at Flexa and cLabs are beyond excited for the next wave of digital currency utility that’s being enabled by more closely aligning our ecosystems and community efforts. As we at Flexa embark on making CELO and cUSD more useful in more places via our pure-digital payments network, we’re making amazing strides toward our mission of making payments more efficient and accessible for people all over the world. And as cLabs works to enable the Flexa network for apps in the Celo ecosystem — starting with the Valora app — we’re confident that they will help empower even more individuals by bringing them into the fold of a world built on top of newer, better financial infrastructure — including the Flexa Spend SDK.
To stay up to date with all things happening in the Flexa and Celo ecosystems, make sure to follow us on Twitter at @FlexaHQ and @CeloOrg, and don’t hesitate to get involved by joining the Flexa and Celo Discord servers!
Bringing the Flexa and Celo ecosystems closer together was originally published in Flexa on Medium, where people are continuing the conversation by highlighting and responding to this story.