Chicago-based Bitcoin Lightning startup Zap is extending Strike’s services for euro, pound, and Swiss franc through a partnership with crypto exchange Bittrex. Strike is Zap’s wallet solutions application where crypto users can buy Bitcoin instantly via the Lightning Network.
According to Zap’s founder Jack Mallers, Strike will soon expand to over 200 countries and the available currencies will soon include Australian and Canadian dollars.
‘We can move any physical value anywhere in the world for no variable cost,’ ‘Transaction finality from one point to another for free,’ Mallers said.
Strike is more than just a payments application. By entering the industry of global monetary services, its developers are hoping to bring free and fast worldwide money transfers. In addition to fiat currencies, Strike will also include stablecoins such as Tether and USD coins. Mallers stated this is his proudest launch, and he’s looking forward to extending the service to places that depend on remittances to generate stores of value.
Strike allows you to make transactions with Lightning payments using debit or bank accounts. The Lightning Network is a technology in Bitcoin that utilizes micropayment channels to balance the blockchain’s potential to handle transactions with ease.
However, instead of purchasing Bitcoin to use the Lightning channels, Strike users don’t have to use BTC; they can pay with fiat currency but still use Lightning. During Strike’s launch back in 2020, Mallers expressed his thoughts as to why the Lightning payment was chosen to operate on Strike.
‘This is important as Strike users are not exposed to any volatility, tax consequences, custody challenges, node management, channel management, etc. When a user makes a Lightning payment with Strike, their balance is debited. When a user receives a payment into Strike, their balance is credited,’ he said.
Mallers also stated that Bittrex Global will take over the operations for the token creation.
‘Leveraging Bittrex Global’s technology, Strike users will be able to seamlessly send and receive payments using both fiat money and cryptocurrencies,’ said CEO of Bittrex Global Tom Albright, then adding, ‘This will allow billions of people around the world to access the financial system in a simple low-cost way, fulfilling the original vision and promise of Bitcoin.’
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