Strike, the global financial application, has recently announced its expansion into Mexico with its “Send Globally” payment service. This move comes at a time when cross-border payments from the U.S. to Mexico are at an all-time high, with Mexico receiving a record $60 billion in remittances from the U.S. in 2022 alone.
- Strike leverages Bitcoin’s Lightning Network to offer a faster, cheaper, and more accessible alternative to traditional money transfer services in Mexico.
- The expansion of Strike’s “Send Globally” service to Mexico demonstrates its commitment to providing efficient cross-border payment solutions.
By utilizing the Lightning Network of Bitcoin, Strike aims to revolutionize the traditional money transfer system in Mexico. The “Send Globally” service allows users to make instant payments to a Mexican bank account without any additional transaction fees. Jack Mallers, the founder and CEO of Strike, expressed his excitement about bringing fast, low-cost cross-border payments via the Lightning Network to Mexico, thereby enabling more people to send money home.
In order to facilitate these transfers, dollars are converted into bitcoin, which is then sent via the Lightning Network to a third-party partner. The partner subsequently converts the bitcoin into local currency and sends it directly to the recipient’s bank account. Strike has partnered with Relampago in Mexico to enable transfers from U.S. dollars that are received as local currency in a recipient’s bank account.
Immanuel Joy, CEO of Relampago, expressed his pride in the partnership, stating that by harnessing the Lightning Network, they are enabling instant, low-cost, cross-border payments and transforming the financial landscape for millions of Latin American individuals.
Since its launch in December 2022, Strike has expanded “Send Globally” to over a dozen countries, including the Philippines, Vietnam, Nigeria, and now Mexico. These countries are among the top 10 largest cross-border markets in the world.
The expansion of Strike’s “Send Globally” service to Mexico is a testament to its commitment to providing accessible and efficient cross-border payment solutions. With the rising importance of remittances and the demand for faster and cheaper transfers, Strike’s innovative approach has the potential to positively impact millions of people in Mexico and other countries around the world.