Strike Secures $80m in Funding to Propel Instant Bitcoin Payments

Strike raised $80 million in funding to revamp BTC payments for top financial institutions, marketplaces, and merchants.

Jack Mallers, the CEO and founder of Strike, pointed out:

“We’re moving full speed ahead not just to integrate Strike’s revolutionary payments with leading merchants, but globally, with a variety of businesses and partners to innovate and deliver on more financial inclusion.” 

As a leading digital payments platform built on Bitcoin’s Lightning Network, Strike recently launched its flagship API meant to render instant, cash-final, and global payments by eradicating interchange and other processing fees. 

Some investors taking part in the $80 million funding included the University of Wyoming, Ten31, and Washington University in St. Louis, among others. 

Since Strike is poised to revamp the Landscape’s payments and financial services, Grant Gilliam believes it will offer everyone a more inclusive, innovative, and efficient financial experience.

The co-founder and managing partner of Ten31 added:

“Strike and Ten31 have a shared vision for the positive impact bitcoin can have on the world and are mutually aligned on accelerating its adoption. It was therefore a natural fit to partner with Strike as its lead investor.” 

Strike intends to use the capital to boost growth beyond its commerce API, enhance existing partnerships, and launch new collaborations. For instance, the digital payments platform intends to roll out new product lines that will take the hassle of building in-house solutions for large businesses and financial institutions. 

Mallers added:

“Businesses and institutions want a groundbreaking experience sending payments as well. We can empower businesses to move money in ways networks such as card networks and SWIFT can’t, and we pay these partners in the form of commissions to do so, which makes it an exciting innovation for everyone. We’ve seen a lot of demand here.”

Having clocked more than two million app downloads, it seems the sky’s the limit for Strike, given that it permits users to send dollars instantly and feeless globally.

Meanwhile, Strike enabled Shopify merchants to have the option of receiving BTC off-chain payments, which are readily confirmed, faster, and cheaper than that processed on-chain, Blockchain.News reported. 

Image source: Shutterstock


Tagged : / / / / / / / /

Shopify Inks Deal with Strike, Enabling Bitcoin Lightning Payments

Merchants on Shopify, a global e-commerce giant, will have the option of receiving Bitcoin (BTC) off-chain payments through the Bitcoin Lightning Network after sealing a deal with Strike.

As a leading digital payments platform built on Bitcoin’s Lightning Network, Strike will enable Shopify merchants to receive off-chain transactions, which are readily confirmed, faster, and cheaper than those processed on-chain or Bitcoin mainnet.

Jack Mallers, the founder and CEO of Strike, noted that the strategic partnership would easily enable Shopify merchants to accept Bitcoin payments as dollars. 

He added:

“The Lightning Network is a global payments network that lowers costs, enhances speed, drives innovation, improves financial inclusion, and brings the power of choice to consumers and merchants.”

Through Strike’s integration, Shopify merchants will be able to expand their existing payment options. As a result, they will utilise the potential purchasing power among global markets. 

Per the announcement:

“Strike’s integration also allows Shopify merchants to generate savings through low-cost payment processing.”

The partnership is also seen as a stepping stone towards reducing various complexities merchants face when holding BTC, given that their Bitcoin payments will be instantly converted to dollars.

With the Lightning Network (LN) being a layer two scaling solution on the BTC network, micropayment channels are used to enhance the blockchain’s capacity to undertake transactions more efficiently. 

A previous study by Arcane Research noted that the Lightning Network could radically change the business model of content providers in gaming, video, audio, and many more categories by providing a structure where continuous micropayments are made.

Therefore, Arcane Research foresaw a situation where the Lightning Network would transit from online services to everyday use. 

Image source: Shutterstock


Tagged : / / / / /

Strike wallet is 5th most popular finance app in Argentina, but where’s the BTC?

Strike’s digital wallet has become the fifth most popular finance app in Argentina within a week of its launch.

The firm, led by hoodie-wearing CEO Jack Mallers, rolled out its crypto payment services for the Argentinian market on Jan 12. Strike is famed for enabling Bitcoin (BTC) payments via the Lightning network, particularly in El Salvador.

However, according to local media and user reports, the firm’s app in Argentina reportedly currently only supports the use of Tether’s stable coin USDT for transfers via Lightning. Users are able to purchase Bitcoin via the app though, and send it to a third party wallet.

Mallers tweeted on Jan. 18 that Strike’s app is currently ranked as the fifth-highest finance app and the top new app overall on the Argentinian Apple app store, as he emphasized the importance of the Bitcoin network:

“The best monetary network in human history is here, it’s open, and will disrupt the world quicker than anyone thinks. Open networks win.”

Mallers stated earlier this week that Strike is working to bring additional BTC support and features to the app soon, noting that the company is taking the “exact same” same approach to El Salvador.

Neither Strike nor Mallers highlighted the use of Tether as part of the company’s initial announcement, however the CEO did note that the app would enable the Argentinian people to “hold a stable cash balance that can be spent both instantly and with no fees.”

According to a rough translation of a Jan. 11 report from local media outlet iProUP, the terms of service for Strike’s app states that it is partnered with the Bittrex exchange for asset custody and fund transfers, and specifies that the app will provide “a currency that users can use to protect themselves” from inflation.

“Although the solution is being promoted as being based on BTC technology, it is actually based on the Ethereum network, as it is the Tether USD (USDT) stablecoin, under the ERC-20 token technology standard,” the publication wrote.

Related: Uruguay reportedly installs its first Bitcoin ATM

A local Strike user named “Nico” on Twitter stated that he able to receive Bitcoin via the app but it was instantly converted into USDT, while Argentinian crypto Journalist Luis David Esparragoza responded the same thing happens on the reverse transaction, where users send USDT to Bittrex which is then converted in BTC.

One function that reportedly supports Bitcoin directly in Argentina, is the BTC tipping feature on Twitter, with Mallers alluding to such via a screen recorded via on Twitter last week.

Cointelegraph has reached out to Mallers for comment regarding the use of USDT, and will update the article if he responds.