Bitcoin Payments App Strike now available in the UK following European Rollout
Bitcoin Payments App Strike now available in the UK following European Rollout
Strike 🤝 UK 🇬🇧 https://t.co/IOnQtwfLFM
— Strike (@Strike) June 25, 2024
Strike CEO and company co-founder Jack Mullers said there were "significant opportunities" for bitcoin to be adopted among the 67 million people living in the UK, the world's sixth-largest economy. Strike is currently accessible in 100 countries and territories worldwide, including the US, Latin America, and Africa, following the company's April European rollout.
Mallers further stated, "We're extremely excited to offer our services in the UK while complying with local regulations for bitcoin and 'crypto' companies. We are increasing our presence, doubling down on our commitment to further Bitcoin adoption globally, and advancing financial innovation and inclusion in the UK, while some Bitcoin companies have pulled out of the UK."
According to the company, the Custodial iOS and Android app allows UK users to purchase bitcoin directly with free, limitless GBP deposits from their bank account instantly, wherever supported. It also offers scheduled recurring purchases, automatic conversion, and automatic conversion. Customers in the region can sell their bitcoins and withdraw the proceeds to their bank accounts, store them in a self-custodial wallet, or use the Bitcoin or Lightning Network to make limitless instantaneous payments.
The team claims that Strike also provides "free" on-chain withdrawals, assisting users in navigating high-fee periods of network congestion and supporting the widespread use of Bitcoin. Users must be willing to put up with a target confirmation time of about 24 hours, though, as faster on-chain transactions will still need to pay a sliding fee.
Users of Strike have the option to receive payments from Lightning Addresses in either GBP or bitcoin. Similarly, senders have the option of using their GBP or bitcoin balances to fund their Lightning transactions. As an alternative, users can send or receive any amount of bitcoin to or from their bitcoin or GBP balances by paying or issuing zero-value Lightning invoices. Users in the UK can also benefit from Strike's international peer-to-peer transfers via Lightning, where the value can be received in the following currencies: bitcoin, GBP (in the UK), euros (in Europe), USDT (in supported global regions), or US dollars (in the US).
Additionally, using Bitcoin's Lightning Network as a global payment rail under the hood, Strike's "Send Globally" feature enables UK users to send money quickly and cheaply in local currency to eligible countries like Benin, Ghana, Ivory Coast, Kenya, Nigeria, Rwanda, Senegal, Togo, the Philippines, Mexico, and Vietnam.
In 2020, Jack Mallers, the entrepreneur behind Chicago-based Zap Solutions, introduced Strike to the US market. Strike's use of the Bitcoin blockchain allows for faster and less expensive transfers than other options, which is what makes it different.
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