• Strike, a Bitcoin payments firm, has extended the reach of its cross-border payments service to Mexico.
• The company’s Send Globally service allows users to send funds internationally, providing a convenient solution for cross-border transactions.
• By bringing their custody operations in-house and setting up headquarters in El Salvador, Strike is aiming to expand its app to more than 65 countries.
Strike Debuts Lightning Network Cross-Border Payments in Mexico
Bitcoin payments firm Strike has extended the reach of its cross-border payments service to Mexico, as the company aims to leverage the country’s expansive remittances market. As of June 14, 2023, the company has introduced its ‘Send Globally’ service to the third-largest country in Latin America. This allows users to send funds internationally and provide a convenient solution for cross-border transactions.
Custody Operations In-House
Strike CEO and co-founder Jack Mallers recently revealed that the company has decided to bring its custody operations in-house which eliminates reliance on intermediaries as service providers. This strategic move will help reinforce Strike’s presence in Latin America. Furthermore, Strike set up a headquarters in El Salvador for its global arm on May 24th as part of their effort to expand their app to more than 65 countries.
Cross Border Transactions with USD
USD sent via Send Globally will be received by recipients as Mexican Pesos directly into their bank account—a big step forward for those who suffer from high fees and slow settlement when using existing services for international remittance payments. According to data from BBVA Research, 94.9% of remittance payments flowing into Mexico originated from US senders in 2021 alone—making this an excellent move towards further adoption of crypto solutions within the region due to such a large demand for these services between both countries already present within the market..
The Benefits of Lightning Network
Send Globally runs on top of Bitcoin’s Layer Two payment protocol—the Lightning Network (LN). LN enables cheap and fast transactions making it particularly attractive within the remittance industry due to network congestion issues experienced when using existing solutions like Bitcoin (BTC). With 12 million Mexican Americans looking for better alternatives regarding international transfers, this news could not have come at a better time for them or Strike who are looking forward towards expanding globally even more so now..
Conclusion
Strike is pushing forward with its ambitions across Latin America and beyond with their recent announcement allowing USD transfers from US Senders directly into Mexican Pesos bank accounts via Lightening Network technology used through their Send Globally service . With 7 – 8 billion people located across 65 countries considered potential customers by Strike there seems no slowing down anytime soon when it comes down this ambitious companies plans moving forwards..