Flexcoin was an EWallet ran by Flexcoin Inc in Edmonton Alberta Canada.
Flexcoin differentiated itself from EWallets by providing a paid “discount” to account holders. It generated revenue by charging small transaction fees on outgoing bitcoins but no fees were charged from Flexcoin to Flexcoin accounts. These fees were for the most part forwarded back to the account holders.
Flexcoin was running on an invite only process in June 2011, but invites were filled within minutes of releasing them. Flexcoin went live on August 4th, 2011 to the general public. Flexcoin was sold from Yooter to a group of Edmonton based investors, headed by James Gray on March 14th 2012. On March 3, 2014, Flexcoin announced it was shutting down as a hack amounting 896 BTC had left the wallet penniless. Users with cold storage wallets on Flexcoin were able to keep the funds out of reach of the hacker.
Flexcoin offers users an alternative to Bitcoin addresses in the form of personalized addresses:
Example : <br> Bitcoin: Pay for your coffee at bitcoin address 1555hjPG7pRwTHVMfukPvjXexQMHFE3qu6 <br> flexcoin: Pay for your coffee with flexcoin id coffeeshop <br>
As with most EWallets, transfers within flexcoin were instant, meaning no next block wait.
Flexcoin was one of the first bitcoin eWallets based in the United States and was the first to label itself as a “bank” (though not legally registered as a bank).
- flexcoin website