Flexa Network Review

Flexa Network

Flexa Network

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Open Dapp

Basic info

  • Token AMP
  • Audited yes
  • DAO no
  • Yield farming no
  • Team public
  • Hacks no



Trail of Bits Consensys Diligence

Trail of Bits Consensys Diligence

Token profile

Price Market cap.

Last updated: Aug 15, 2023

What is Flexa Network?

Flexa Network is a company focused on bridging payments from the crypto world with fiat currency vendors, by utilizing the AMP token as collateral, so that transactions can be instant and not affected by the price volatility of the cryptocurrency market.

Originally launched in 2018, the platform used its FXC token (Flexacoin) as means of providing collateral for digital asset transactions. However, with the evolution of the cryptocurrency ecosystem, in 2020, the team behind the project with the help of ConsenSys, came up with a new version of their native token portraying it as “the ideal collateral for digital asset transactions – not only within the Flexa network but ultimately for any collateral-related purpose across all of DeFi”. 

With the introduction of AMP and its ability to be accessible to other collateralization applications beyond Flexa, the Flexacoin brand was retired. Holders of FXC were given the possibility to exchange it for the new token at a rate of 1:1. AMP was minted only by burning FXC and maintains the exact same fixed supply, token metrics, and economics as Flexacoin. 

How does the Flexa network work?

In order to provide instant payment and transfers, the Flexa network utilizes the AMP token as collateral by holding it in escrow. The process happens through a “collateral manager” which releases the funds once the transaction successfully settles and makes them available for other transfers. In case payment fails due to unconfirmed or long transaction times, the AMP token is liquidated to cover losses. 

The Amp smart contract has two main innovations – collateral managers and token partitions.

Collateral managers can be viewed as escrow accounts built with various rules and specifications allowing for customization in order to fit various use cases. Whenever efficient value transfers or escrow-like services are required, anyone can create a collateral manager with the Amp token.

In the future, Flexa will integrate Token Partitions to facilitate the creation of separate, distinct spaces associated with the same digital address which can be used by different collateral managers with different rules enforced upon them. This will allow users to stake tokens without having to transfer them to a smart contract as they do now.

Applications and communities can collectively stake Amp tokens on behalf of users in order to supply collateral to the network since the token is the singular type of collateral within the Flexa ecosystem. In order to incentivize the supply of collateral, all of the network’s transaction revenue goes towards a continuous open-market purchase of Amp tokens for redistribution as rewards.

How to use Flexa?

Due to the nature of some cryptocurrencies requiring multiple confirmations before a transaction is processed on a blockchain, using it as a method of payment for everyday services such as shopping isn’t efficient. One of Flexa’s solutions to this problem is the SPEDN app. It provides users the ability to hold their crypto in it and automatically convert it into fiat, by scanning a code with the payment terminal. The transactions made through the app are instant and carry low fees. Flexa charges a crypto-to-fiat conversion fee, based on agreements with exchanges, that is not disclosed and takes less than 1% of the transaction as a fee from the merchant. Other options are Gemini Pay, the Lightning network in El Salvador, and an upcoming Payments Links product. 

The Flexa app functions by generating a unique QR code called a “flexcode”, which retailers participating in partnerships with the company, can scan and authorize the transaction being made. Flexa pays merchants in either convertible virtual currency or their fiat currency of choice. In the meantime, the app deducts the equivalent amount of crypto from the user’s digital wallet Flexa provides within the app.

The AMP token 

The design of the token follows the low-volatility collateral model, with its value constantly changing as a direct result of its utility. Backed only by its literal use, the model of the token employs simple and transparent financial primitives, while avoiding complicated synthetic or derivative instruments. By not overcomplicating its usage and, focusing more on the self-sustaining characteristics of the token, AMP aims to create exponentially more utility.

As a fundamental collateral token used to secure all retail payments within the Flexa network by staking wallets or applications with AMP, the token enables spending capacity and captures all of the Flexa network's value. Merchants are charged a small percentage-based fee for each successful transaction, which is used to open-market purchase AMP. The tokens are then autonomously distributed to collateral contracts. The network rewards are entirely allocated to participants based on the quantity of AMP staked.

The project plans to enable its users to stake collateral while maintaining custody of the underlying assets, through the AMP token. Thanks to this implementation, the user interactions will be simplified and facilitate the mass adoption and decentralization of the Flexa network. The collateral value of the token is to be determined by utilizing an amalgamation of existing models for economic growth, capital asset pricing, continuous market buy-pressure and discounted cash flow.

The total supply of AMP projected to be in circulation by 2045 follows a schedule that includes a Merchant Development Fund (25%) designed solely for supporting merchant integrations with the Flexa network. This Fund is generally reserved for long-term efforts in facilitating merchant acceptance of Flexa-enabled apps. 

Developer Grants (25%) will be used to help increase the adoption of AMP for payment collateralization. Starting January 2020, 1 billion AMP are granted each year to developers interested in enabling AMP-collateralized payments in their apps. The assets from this fund are stake-locked for a period of twelve months upon granting before they can go to general circulation by the developers who receive them.

The Founding Team and Employee Pool (20%) is a fund reserved for incentivizing current and future Flexa team members. Assets from this allocation are distributed on a four-year vesting schedule with a one-year cliff in order to ensure ongoing involvement with the project.

Token Sales (20%) include all AMP tokens externally distributed so far. 

The Flexa network also has 10% of its supply allocated to a Network Development Fund used for the growth of the network over the first decade of its operation. It is planned to be disbursed at a rate of roughly one billion tokens per year.

Is Flexa safe?

The four co-founders of Flexa and leaders of the Flexa team have decades of experience in payments, technology, and law.

The CEO and co-founder is Tyler Spalding. He founded and invested in various blockchain projects since 2011. Worked as a CTO at Raise- a mobile application allowing consumers to earn rewards on in-store and online purchases. Co-Founder and CEO of Tastebud Technologies, later acquired by Raise in 2015. Spalding is also engineering lead with the United Space Alliance, US Air Force, and NASA’s Space Shuttle Program.

Trevor Filter – Head of Product and Co-Founder, began his career at the MIT Media Lab and has been designing award-winning customer-centric experiences for 10+ years. He was Senior Product Manager at American Express and Head of Product & Design at Raise. Filter is also Co-Founder and Head of Product at Slide – a mobile payments app where customers earn rewards online or in-store through contactless checkout.

Zachary Kilgore – CTO and Co-Founder has 8+ experience in frontend and backend software engineering and infrastructure for payments and mobile. Currently, he is also Director of Software Engineering at Slide, Engineering Manager at Raise, and Front- End engineer at Warby Parker.

Daniel McCabe – General Counsel, CCO, and Co-Founder has 20+ years of business law experience across technology, blockchain, finance, and more. He is a Partner at Greensfelder, Hemker & Gale, P.C.; Managing Partner at McCabeMiller LLC; Executive Vice President & General Counsel at Vanquish Capital Management.

Flexa audits can be found in the protocol dashboard on this webpage.


Flexa raised over $14M in a private token sale in 2019 with backing from leading investment firms including Pantera Capital, 1kx, Nima Capital, Access Ventures, and others.

Gemini is Flexa’s founding exchange partner, through the Gemini Pay app users can buy and sell digital assets, store them securely, and pay with Flexa. The app has no transaction fees for payments and uses the Gemini dollar (GUSD), a dollar-pegged stablecoin, among other tokens as collateral.

There is a list of integrated projects supporting Flexa as a payment system available on the network’s website. Along with it, is a list of all currencies supported by the platform.

The company is working on developing more apps using Flexa to enable payments for their users. Projects include companies like Coinme, Dharma, ShapeShift, ZenGo, Valora, CoinList, Node Wallet, Nighthawk Wallet, Litewallet, Leap, Eternl, Dash Wallet, Argent, and AirGap Wallet.

What's next?

Among looking for more potential merchants to adopt the Flexa network as means of payment, the company is working on developing and integrating more Dapps with its ecosystem. A brief look at the company’s Twitter profile shows different companies being announced almost weekly as accepting payment via its network. There are no current goals set to happen at a specific time, but the platform is constantly looking into bettering the user experience and its security.




Frank Stewskid

Frank Stewskid

Last updated: Aug 15, 2023

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