Bitcoin-based Strike Network expands in Philippines to assist low cost cross-border payments

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strike network expand in philippines

In 2021, $12.7 billion in cash remittances was sent from U.S to Philippines according to report by Statista.

Strike is a Bitcoin based payment network that recently announced its expansion plans in Philippines. Despite the innovation services like SWIFT and Western Union, the cross-border payments remains a big headache for retail users & merchants.

Strike aims to become a low-cost and faster payment solution that leverage the power of Bitcoin lightening network to settle millions and billions of transactions per second, instantaneously. Jack Mallers, CEO of Strike believes that the international payments are a huge pain and their company aims to address it for the users.

The beauty of the app is its ability to transfer fiat on the lightening network without the need for the user to use Bitcoin during the transfer process.

For example, if a customer wants to send $10 from U.S. to Philippines, he can use Strike and settle the payment in an instant. The receiving party will receive fiat in the local currency. Behind the scene, the money was converted into Bitcoin and sent over the lightening network to the receiving party.

Strike further plans to expands in Latin America and Africa. The payment platform is already gaining demand and partners are seeking integrations to expand their operations.

In 2022, the company has raised $80 million in a Series B round to grow its payment network for merchants, marketplaces and financial institutions. For now, the company solely want to focus on making the cross-border payments cheaper and faster for everyone using the network.

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