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Amp

Amp is a fraud-proof payments network that uses the $AMP token as collateral for exchange, thereby removing settlement risk with transactions. Should it fail to process or not process fast enough, the $AMP token steps in to ensure no one is out of pocket. Amp, formerly known as Flexa and still managed by the Flexa Payments Network, utilizes its payments bureaucracy and international connections to facilitate payments worldwide, with fast finality and decentralized trust.

The Payment Problem that AMP Solves

Payments are still something of a sore spot in the current cryptocurrency. Although there are currencies that could be used as payment (Nano, for example), their adoption is not widespread enough to truly work. Moreover, paying using traditional cryptocurrencies can be baroque and expensive – making them ineffective. There is also the issue of settlement risk. A merchant can sell a product, but not receive the bitcoin payment promised.

Amp solves this by acting as lynchpin collateral for an entire payments network that can then be used as a bridge to pay in any currency a customer desires, or a merchant wants. Settlement risk or slow transaction times are negated by the use of $AMP as a replacement currency should transactions fail. This, and its decentralized nature, makes Amp fraud-proof – with no central entity governing the payments network. It makes sure everyone gets paid on time and correctly, and helps grease the wheels of local and global commerce.

Another key function of $AMP is a guarantee of speed. Not having the collateral in situ to leverage a loan, for example, but having the collateral elsewhere, or even off-chain, can be a major headache and reduce capital efficiency. However, by payment through the AMP network, getting that collateral to where it needs to be, in the form it needs to be in, is easier.

Their team initially gained a significant amount of exposure back in 2019, when the Winklevoss twins, the founders of Gemini exchange, went to a Starbucks and were able to use the SPEDN app to facilitate a purchase of coffee using crypto.

What is the SPEDN app?

One of the key products built in the $AMP ecosystem is the SPEDN app. The team built this product in collaboration with Gemini, which acts as the fiat off-ramp for point of sale purchases. The way this app operates is you can top up your wallet on SPEDN, and then use these funds to purchase at a plethora of stores across the country! You can use some of your favorite cryptocurrencies, like Bitcoin (BTC), Bitcoin Cash, (BCH), Ethereum (ETH), Gemini Dollar (GUSD), Litecoin (LTC), Dogecoin (DOGE), among others at your favorite stores!

How Amp is Expanding Its Network

$AMP is asset agnostic and will collateralize any asset transfer users desire. Its battle-tested and audited smart contracts can be leveraged by entire operations to induct payment services into their business models.

There is measurable excitement about Amp of late. Its network is open-source, meaning it hopes to onboard developers who can build out further features of its payment network. It’s currently accepted at over 40,000 places in the U.S and Canada, and it hopes to offer many more. Developers who integrate Amp will boost the overall ecosystem and will be able to tap into a much larger audience than they were able to previously.

In massive news for the token, Gamestop has recently been added as a member of the network and can facilitate payments in Bitcoin, Doge and Shiba Inu with the Amp network as the underlying processor and collateral. These transactions occur within Flexa’s SPEDN wallet. Amp insures the value of any transaction before it is processed on the blockchain. The $AMP tokens success will rely on forging more partnerships like this and spreading its network widely.

The $AMP Token, Staking, and Flexa’s Future

The $AMP token is the gas to run this network. In a transaction, both sides must have enough $AMP bonded to complete a transaction in their chosen currency. It has a finite supply of just under 100 billion and it aims to be deflationary over time. For now, $1.3 billion has been staked on the Amp protocol in order to earn rewards. These rewards are paid from payment commissions taken from merchants – as you would expect from a standard credit card provider. Staking AMP has a reward of around 2%, which is variable depending on where staked – and can be done in multiple ways. Naturally, $AMP itself can be used for payment in the network if desired.

Amp, and its parent Flexa Network, already has a string of crypto industry partnerships under its belt, including Coinbase, Consensys, and Gemini. Their ambition is bold: a fraud-proof decentralized payments processor able to collateralize all digital asset transfers. It’s a lofty goal, but one that with its partnerships, network, and tech, it has a great chance of achieving.

How can I get AMP?

Getting AMP is easy on Numio. You can use your credit or debit card to purchase ETH or USDC, which can then be exchanged for AMP*, you can swap or trade it for other ERC-20 tokens (up to 100x cheaper than other wallets), and you can send or receive it as payment. Whatever way you choose you can be sure that you are always in full control of your AMP.

*direct AMP purchases coming soon.