Today, Strike announced a global initiative to roll out its Lightning Network payment application globally.
After a successful US launch in 2020 and the announcement of his payday solution last week, Strike is rolling out its services to more than 200 countries. Through a collaboration with Bittrex, Strike will board the trade show more than one million customers around the world. Strike will add support for the euro, pound sterling, swiss franc, chain and USDC first, with more currency pairs to follow.
At first glance, this may seem like another slick payment app, and it is, but it’s also a lot more. Strike joins the global remittance business in hopes of not only disrupting incumbent operators but also bringing free and immediate international transfers with corporeality.
Strike founder Jack Mallers told us this is his proudest launch to date and he is most excited about offering this service to areas that rely heavily on remittances to create valuable stores. To work it out, he shared a typical wire transfer use case for El Salvador.
Many residents of El Salvador do not have access to traditional banking, and their local currency is heavily devalued. For those reasons, they often use the US dollar as their money of choice and rely heavily on money transfer services such as Western Union. These traditional services are slow and packed with fees that gobble up the dollars these customers desperately need. Add to that the fact that local gangs visit these remittance locations and hunt customers to hand over their money or otherwise, and there are obvious inefficiencies in the system.
Strike fixes this.
For example, when Strike enters the El Salvador market, the Lightning Network allows customers to send worldwide payments instantly and for free.
“This is the next step in money,” said Mallers.
Bitcoin has international liquidity, markets are open 24/7, and Lightning makes payments almost instantly. This is a powerful combination that will disrupt incumbent operators and deliver the next generation of financial services to many people around the world who have been left behind.
Strike has beta testers all over the world and the service works perfectly. It plans to roll out the service globally, but it will happen in waves. It will first support the largest EU countries and El Salvador, which Mallers have hand-picked.
For starters, users can register at global.strike.me. Countries with the most registrations are added first.