- Amp and the Flexa Network it powers have become investor favorites for offering versatility and verifiable collateralization.
- Expanding its payment services, Amp announced that Flexa had acquired Drop Party and was adopted by Chipotle in June.
- Flexa also debuted its new product, Flexa payments, at Consensus 2022 in Austin, Texas.
- Amp (AMP) has also stood out in the bearish market, gaining more than 40% in the last 48 hours.
AMP, the native cryptocurrency of the Amp blockchain, was introduced in 2020 as a collateralized token designed to speed up transactions for a wide variety of asset-related use cases.
Amp can be used to facilitate digital payments, fiat currency, loan distributions, and proceeds from property sales. Amp also supports cryptocurrency networks, including the two largest in the world – Bitcoin and Ethereum.
The Amp team is also behind the Flexa Network, an open-source digital payment processing network. With Flexa, users can quickly and irreversibly secure transactions for a wide variety of asset-related use cases.
Amp offers a versatile interface that supports verifiable collateralization for up to 25 digital assets through a system of collateral partitions and collateral managers.
While cryptocurrencies are struggling to maintain their gains in the choppy market, Amp (AMP) has been in blistering hot form. AMP has gained more than 43% over the last 48 hours, the best of any top 100 crypto ranked by market cap.
The 48 hours price chart of Amp (AMP). Source: CoinMarketCap
Over the last 24 hours, AMP tops the performance chart of the top 100 cryptos, gaining more than 30%. The price pump has led AMP to set a new 30-day high of $0.01472.
The 24 hours price chart of Amp (AMP). Source: CoinMarketCap
Amp (AMP) now trades at $0.01105 and has moved up the market cap ranking. Amp is now ranked as the 77th largest cryptocurrency, with a market cap of $429.2 million.
Recent Developments and Future Events
June was a busy month for Amp and Flexa as they continued to expand their pure-digital payments solutions to more merchants and developers. Flexa announced its solution had been integrated by Chipotle.
The Flexa integration saw Chipotle, a fast, casual Mexican restaurant chain in the United States, begin accepting digital currency nationwide exclusively through the Flexa Network.
Flexa also debuted its new product, Flexa payments, at Consensus 2022 in Austin, Texas. At the launch, Flexa was used to power the spending of the DESK token across the Consensus festival.
Outside the Consensus festival, the new Flexa Payments product makes it easier than ever for any app to spend via Flexa. A week after it launched, Flexa announced that ten apps had adopted the Spend SDK – a complete suite of Flexa-powered spending features.
Later in June, Amp announced that Flexa had acquired Drop Party to deliver custom marketing experiences for merchants to bolster Flexa’s product offerings in stores and online.
In addition, Flexa leads the pack of green blockchain projects by balancing its carbon emissions on all blockchain and operating activities with high-quality, verified carbon offsets to maintain a completely carbon-negative network.
Amp and Flexa support staking for Bitcoin, Bitcoin Cash, Cardano, Celo, Dogecoin, Ethereum, Lightning, Litecoin, Polygon, Solana, Tezos, and Zcash, with additional networks anticipated in the future.
On the Flipside
- Despite offering some of the best services of a crypto payment platform, Amp and Flexa are often criticized for not having industry-leading partnerships to drive its adoption.
Amp is often compared to other crypto payment processors like Ripple (XRP) as a payment network. However, supporting multiple asset classes has made the Amp community more fond of the project than any other.
The crypto tax accountant, @Bitbookkeepers, wrote this about Amp.
The recent price surge has also brought out newfound belief in the future of the project. As AMP pumped, Oscar Ramos wrote;
Amanda predicts that AMP will rise even further, encouraging people to Hodl. She writes;
Why You Should Care
There is a lot to like about AMP and the Flexa payments platform it powers. Helping users mitigate risk by granting them easy access to financial products by leveraging their crypto assets, the use cases of Amp and its AMP token have only been predicted to rise.