Recently, US blockchain payments startup Flexa has announced that it just raised $14.1 million for the development of a new payment network for its retailers.

According to the press release, Flexa has successfully raised $14.1 million in funding with the participation of Pantera Capital, 1kx,  investment firms Nima Capital and Access Ventures as well as others. Hedge fund Pantera Capital also reported to raise $160 million in its last third venture fund in March.

Flexa is now planning to develop a payment network platform in order to minimize cost and increase fraud prevention activities by providing blockchain-based settlements. The company also create a mobile application to help retailers manage their own payments by allowing users to “make practical use” of the cryptocurrencies they already own.

Tyler Spalding, Co-Founder and CEO of Flexa commented about the funding “With this funding, we’ll continue to develop our network infrastructure to support our retail network and strategic partners.”

Flexa was founded in 2018 to make payments between buyers and sellers more efficient, accessible, and affordable for the very people doing the buying and selling.

The application of blockchain technology is now used at a mass scale. In March, The United States National Pork Board has announced its partnership with Ripe.io to launch a blockchain-based platform use in the pork supply chain. The platform will provide a blockchain-powered ecosystem that tracks and evaluate sustainability activities.