- Summary:
- Strike aims to be a borderless global payments platform enabling billions of people to transact faster over Bitcoin's Lightning Network.
To make its efficient payments and Bitcoin services available to over 3 billion people around the world, Strike, the global money app for open payments built on the Bitcoin network, has launched its app in over 65 countries. The company made the announcement during the Bitcoin Conference 2023 in Miami.
Making Bitcoin-to-fiat transactions seamless
In the same vein as Cash App and PayPal, Strike is a mobile payment app, but it differs in that it uses the Bitcoin blockchain to transmit and receive funds instead of the usual payment channels. The Strike global money app is built from the ground up to utilise Bitcoin and the Lightning Network to provide a seamless, secure, and low-cost experience. Users may quickly sign up, make payments to other Strike users, transfer and receive cash and Bitcoin, access the Lightning Network, and buy Bitcoin, all from within the app.
Strike app is an ideal platform for sending little sums of money or for making frequent transactions because it does not charge extra transaction costs since its payments are processed over the Lightning Network. In addition, it enables real-time “streaming” of money through the transmission of multiple small payments.
By batching transactions on the Lightning Network and reconciling them at a later time, users are able to circumvent the Bitcoin blockchain and conduct business as usual. Using this approach helps prevent clogging of the main blockchain and the need to wait for the main blockchain’s lengthy settlement process.
Strike’s long-term goal is to become a borderless system for international money transfers that is both speedier and more cost-effective than traditional banking and fee-heavy services like Western Union. Strike first launched in the United States, Argentina, and El Salvador, and in December 2022 it debuted in Africa. The app has now expanded its reach to over 65 nations, and more are expected to join soon.