“But getting back to the fundamentals, yes, Shiba Inu does have them. For example, in December of last year, the Flexa payment network added SHIB-USD ‘as a payment option at more than 40,000 merchants, according to a Be In Crypto report,’” Enomoto wrote.
On the one hand, Josh’s comments suggest SHIB-USD does have some utility. But, on the other hand, its only real utility is as an alternative form of payment. It’s no different than choosing between cash and credit to buy my movie tickets.
Further, if Shiba Inu is all that and a bag of chips, why in God’s name would I use an appreciating asset for movie tickets? I’ll argue this point until I’m dead and buried. Now, the real star of my colleague’s article is the Flexa network.
If I could get my hands on some company shares, that would be a coup. Here’s why.
Shiba Inu Is Useless Without Flexa
In late November, Regal announced that it had struck a partnership with Flexa that allows moviegoers to pay for stuff with digital currencies. Although Shiba Inu didn’t make the original cut, the company did say that it and Dogecoin (CCC:DOGE-USD) were next in line.
Ken Thewes, Regal’s chief marketing officer had this to say in a statement:
As more of our customers demand digital asset solutions and safer payment methods, we are grateful to have found a partner in Flexa, a company that is revolutionizing digital payments with cutting-edge software and an innovative business platform.
Regal’s announcement followed AMC’s similar decision to accept digital currencies at its theaters. I discussed the subject in November, stating:
If you own SHIB-USD, I can’t think of a single reason why you would use its coins to pay for your trip to the movies. The advantages of this business-to-customer relationship flow totally to AMC. If you want to go to the movies, pay with your greenbacks.
Ditto for Regal.
In this situation, Regal and Flexa get all the benefits. Shiba Inu holders get none.
Sure, if you’re disciplined enough, you might set aside a few million tokens ($200) that are only to be used for trips to the cinema. If you had done this when Regal announced on Nov. 23, as I write this, your tokens would be worth $50 less. That’s at least two trips to the movies that have vanished into thin air.
If cryptocurrencies only went in one direction: higher, I could see sense in setting them aside. But, sadly, that’s not the case.
Why Invest in Flexa Network?
In September, Flexa announced the hiring of Michelle Ann Gitlitz as its General Counsel. The lawyer previously ran Washington D.C.-based international law firm Crowell & Moring’s Blockchain and Digital Assets practice. She also co-led their Financial Services practice. She brings more than 20 years of experience to the table.
Gitlitz stated in the company’s press release:
Flexa’s superior technology and zero-fraud guarantee should alleviate concerns that impede the broader institutionalization of digital currency as a medium of exchange. I welcome the opportunity to bring my experience in payments, virtual currency money transmission and blockchain technology to bear as we bring digital asset acceptance to merchants and consumers across the globe.
Companies hire people all the time. So you’re probably thinking: what’s the big deal?
The big deal is that a partner in a law firm decided to jump ship and leave the cozy confines of the legal world to help grow Flexa. The lawyer was once an analyst at UBS Warburg. She clearly understands the potential of Flexa’s business.
For me, businesses such as Flexa that provide the infrastructure to drive the digital asset and blockchain economies will do very well over the next decade. In many ways, we are at the beginning of Financial Services 2.0 or 3.0.
While it’s hard to tell who’ll ultimately be victorious, investors ought to be a lot more interested in Flexa than Shiba Inu, primarily because the former provides considerably more utility.
The Bottom Line
How do you invest in Flexa?
So, if you think Flexa is the bee’s knees, you could always buy some tokens.
As for investing in the company itself, you’ll have to wait until it goes public. When it does, I’ll be very interested in reading its prospectus.
On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Will Ashworth has written about investments full-time since 2008. Publications where he’s appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. He particularly enjoys creating model portfolios that stand the test of time. He lives in Halifax, Nova Scotia.