Flexa Announces Migration of Flexacoin to AMP
Flexa, the world’s fastest and most secure payments network for cryptocurrencies, has announced the launch of its new token and staking platform called AMP. Designed in collaboration with the blockchain software technology ConsenSys, AMP is part of its efforts to decentralize payments securely and efficiently.
Today we are announcing the most fundamental upgrade to Flexa-powered payments since the launch of the Flexa network itself—a new collateral token designed in partnership with @ConsenSys: https://t.co/4IoXit4MF0
— Flexa (@FlexaHQ) September 8, 2020
Features of AMP
AMP is an open-source digital collateral token that facilitates fast and secure multi-asset transactions on Flexa’s payments network. Flexa claims it to be ERC20-compliant and equipped with the latest Ethereum technologies, such as operators and partitions.
After introducing AMP, the subsequent challenge for Flexa was to enable it to take over FXC. The only way for AMP to do that was to achieving exchange liquidity. So, Flexa partnered with the cryptocurrency exchange Gemini that will help AMP maintain exchange liquidity relative to other assets.
We are excited to announce upcoming support for the trading and custody of $AMP. Amp is a digital collateral #token for @FlexaHQ, a payment system that allows you to spend certain #crypto supported on the Gemini exchange with select retailers!
More here: https://t.co/2jRJPJydP0
— Gemini (@Gemini) September 8, 2020
Fate of Flexacoin
Flexacoin (FXC) is another digital collateral token from Flexa that facilitates secure, transparent, and instant cryptocurrency payments. With the launch of AMP, Flexa has also announced to discontinue the support for using FXC as a digital collateral token for cryptocurrency payments on September 30, 2020. Till then, AMP and FXC can be used as combined collateral by Flexa Capacity for cryptocurrency payments on Flexa’s payments network. Flexa Capacity is a decentralized application (dApp) and collateralization smart contract developed by Flexa.
Migrating from FXC to AMP
Despite its similarity with FXC in many ways, AMP has improved functionality as collateral. Because the newer collateral management interfaces do not support FXC, users need to migrate their digital collateral tokens from Flexa Capacity to AMP.
The process of migrating from FXC to AMP is relatively simple and involves a few steps:
- Connecting digital wallet to the Flexa Capacity
- Authorizing the Flexa Capacity to migrate FXC to AMP
Significantly, users will be able to receive network rewards both during and after the migration. Distribution of rewards during migration will be based on combined FXC and AMP balance, while after migration, it will depend on AMP balances alone.
Flexa aims to revolutionize payments by creating a decentralized finance ecosystem. With its innovative blockchain solutions and services, Flexa is committed to enhancing the capabilities of AMP as collateral for payments at any decentralized platform.
