Today, we are thrilled to announce upcoming support for the trading and custody of Amp (AMP). Deposits will be available on September 11 at 9:30am ET with trading to follow soon thereafter.
Amp is a digital collateral token for the Flexa network, a payment system that allows you to spend certain cryptocurrencies supported on the Gemini exchange with select retailers at their brick and mortar locations.
When you make a purchase from a retailer via an app with Flexa, such as Gemini Pay, that app pays Flexa from your account in the cryptocurrency of your choosing and Flexa pays the retailer in their currency of choice. Flexa uses Amp as collateral to secure your payment from the time of purchase to the time of settlement with the merchant.
If for any reason a Flexa-enabled app does not pay, Flexa uses the Amp staked to that app in order to repay the merchant. In this way, the amount of Amp staked to a given app acts as an upper limit on how much money that app can owe the Flexa network at any time. In return for staking Amp to a given app, network participants receive a portion of the processing fees earned by the Flexa network for all transactions processed through that app.
The addition of Amp expands the range of our platform and furthers our mission to empower the individual through crypto. We have worked closely with the New York State Department of Financial Services to obtain approval to offer trading and custody services for this new asset and we look forward to continuing to bring mission-oriented projects to you in the future.
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Onward and Upward,