Strike introduced its first bitcoin payment app after El Salvador’s President Nayib Bukelehas made bitcoin a legal tender.
• Strike has partnered with Bittrex Global, possibly launching in more than 200 countries.
• Will avail the strike card in US in Quarter 1 2021.
• Planning to issue strike card in Europe and UK in Q2 2021.
Strike is now available in El Salvador planning to rollout soon in europe. It claims to provide faster bitcoin payments with low gas fees. It will also allow users to convert their paychecks into bitcoin.
CEO of Zap, Jack Mallers told Coindesk in an interview that “Our decision to enter El Salvador as our first non-U.S. market was intentional. One of the opportunities that interest us the most at Strike is our ability to deliver financial tools to emerging markets. El Salvador is the sixth-highest ranked country in inbound remittance from the United States.”
Making bitcoin tender may be a leapfrog moment. It will help countries like El Salvador shift from a largely cash economy to an innovative, inclusive, and transparent digital economy.
About 70% of individuals don’t have bank accounts or credit cards. Additionally, remittances account for quite 20% of Countries GDP. Incumbent services can charge 10% or more in fees for international transfers.
The transaction takes days to arrive and should be collected from physical location.
ESalvador has assembled Bitcoin leaders across the planet to assist build a replacement financial ecosystem with Bitcoin because the base layer. “It was an inevitability, but here already: the primary country on target to form bitcoin tender. Another milestone for Bitcoin and El Salvador. We’re pleased to assist El Salvador on its journey towards adoption of the Bitcoin Standard,” stated Adam Back, CEO of Blockstream, who plans to contribute technologies like Liquid and satellite infrastructure to form El Salvador a model for the planet.
What is strike and how it works?
Strike is an app that makes bitcoin’s Lightning Network accessible to everyone. Developed by the Zap startup team, Strike acts as a bridge between traditional banking and Bitcoin. How does it do this? Well, through a debit card or a bank account that allows its users to exchange Bitcoin and Lightning Network. Source: bitnovo.
Meanwhile, American auto racing driver Everette Edward Carpenter, shows his gratitude and proud towards the legalisation of bitcoin as a tender in El Salvador. He also congratulated ZAP CEO Jack Mallers for launch of Strike in El Salvador as step forward to digitalise and de-dollarize currency making the country more linear towards investing.
He also mentioned President Nayib Bukele for his remarkable decision on bitcoin and virtual currency for betterment of the country.