SPEDN was originally introduced as a proof-of-concept app to demonstrate how easy it is to spend digital assets with Flexa and served its purpose over seven long years.
Why was the SPEDN app shut down?
Many, many people used SPEDN over the years to make instant crypto payments at real-world stores and restaurants using Bitcoin, Litecoin, Zcash, and more. In order to focus our efforts on supporting more and more merchant and payment service provider integrations via Flexa Payments and the Flexa SDK, we decided that supporting and maintaining the SPEDN app and its custodial backend was not the best way to spend our team's time and energy.
What does this mean for you?
Any unspent digital assets that you previously deposited to the SPEDN app have now been transferred to your Flexa balance so that you can easily withdraw them to another wallet.
What happened to your SPEDN balance?
Any assets that you previously deposited to the SPEDN app and didn’t spend are your property, and remain your property even now that SPEDN is shut down.
If you didn’t spend your balance to zero or request a full withdrawal before March 31, 2026, your remaining assets have simply transferred to your Flexa balance, which you can always access at activity.flexa.co. Please visit your Flexa balance if you would like to access your migrated SPEDN balance or transfer it to another wallet.
Keep in mind, however, that many states and jurisdictions have unclaimed property laws that require Flexa to remit your assets to local government after a dormancy period of between two and five years (so that you can more easily recover them). As such, we strongly encourage you to withdraw your assets from Flexa prior to the applicable account dormancy period for your state or jurisdiction in order for us to help you ensure their efficient return.
Please note: If you ever received a promotional credit from Flexa in the past (such as during the initial launch of SPEDN in 2019, or related to a prior marketing campaign), that promotional credit expired on March 31, 2026, and was not transferred to your Flexa balance.
Do I have to verify my identity to withdraw my assets from my Flexa balance?
It depends. If you are withdrawing your assets back to the original address you deposited them from, or if the total amount of the assets to be withdrawn is less than US$250 Flexa will not require you to provide any additional personal information in order to process your withdrawal.
However, if you need your assets sent to a different wallet address (e.g., if you originally deposited your assets from an exchange’s shared custody address), or if the total amount to be withdrawn exceeds US$250, then you may be required to verify your identity. As a regulated money services business, Flexa must comply with laws and regulations that help prevent money laundering and terrorist financing.
What will happen to the SPEDN app?
On March 31, the SPEDN app was removed from the App Store and Play Store. Although you can continue to leave the app installed on your device, it will no longer function as a digital asset wallet, nor will it offer any payment or deposit functionality.
What about the SPEDN pool on Flexa Capacity?
The SPEDN pool on Flexa Capacity stopped earning rewards on March 31. Any collateral provided to the SPEDN pool will need to be transferred to another pool or withdrawn from Flexa Capacity altogether.
If your question is not answered here...
As always, we’re happy to help. Please reach out to Flexa Support for further assistance and we’ll do our best to provide you with the answers you need.