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Saturday, September 18, 2021

Dogecoin (DOGE) comes to 41,000 stores via Gemini-backed payments app

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Crypto-focused payments network Flexa, a partner of Winklevoss-led crypto exchange Gemini, has added support for “meme” token Dogecoin (DOGE) today.

“Good job everyone, you did GREAT! Now you can spend your $DOGE at 41K more places. Live in the SPEDN app, coming soon to Gemini Pay. very wow,” Flexa tweeted.

Initially, the firm tried to attract some social media commotion by saying that it will make “DOGE spendable at every single one of the 41k+ stores on Flexa” if users will retweet the corresponding post 1,000 or more times. Unsurprisingly, considering Dogecoin’s hype-centric and “memeful” nature, that goal was quickly reached—and then some.

Flexa launched its crypto wallet, dubbed SPEDN, in May 2019 in the U.S. At launch, the network allowed users to pay with Bitcoin, Ethereum, Bitcoin Cash, and Gemini Dollar in retail stores, including top brands such as Whole Foods, Baskin Robbins, Lowe’s, and Nordstrom.

Bringing crypto to retail

To this end, Flexa partnered with Gemini around the same time, enabling major retailers to accept cryptocurrency payments in stores.

“The Flexa cryptocurrency payments network has the potential to transform the payments industry, providing everyday use cases for spending your crypto, which hasn’t been a practical reality until now,” wrote Gemini CEO Tyler Winklevoss at the time, adding, “Flexa’s mission is to link the island of crypto to the mainland of retail merchants.”

Notably, Gemini itself listed Dogecoin earlier this week, reinforcing the token’s ongoing price rally. Shortly after the listing, DOGE’s price reached a new all-time high of $0.69, pushing its market capitalization to over $86 billion. This made DOGE the fourth-largest crypto by its market cap.

At press time, Dogecoin is trading at around $0.62, up roughly 100% on the day and more than 900% over the past month, according to CryptoSlate’s data.

For Dogecoin faithful, of course, this price is still far from the “promised moon,” despite the token’s price surging by 700,000% over the past five years. In fact, a recent survey showed that 25% of Americans actually think that DOGE is the “next Bitcoin.”

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