Strike is a well-known Bitcoin payment app with more than one million users that adopted Lightning Network to provide fast and cheap transactions worldwide. From now on, inhabitants of countries like Ghana, Kenya, or Nigeria will be able to use it as well.
Expansion to Africa
Strike is mainly active in the US, but wants to allow its instant and cost-effective payments to Africa. Jack Mallers, the founder and CEO of Strike said the company gives people a chance to transfer US dollars across borders easily.
“With exorbitant fees to transfer funds in and out of Africa and incumbent providers halting services, payments companies are struggling to operate in Africa and people cannot send money home to their family members,” he added.
In the beginning, the remittances service is allowing people in Nigeria, Kenya, and Ghana to receive U.S. dollars and have them converted into their local currency immediately. The integration has been made possible by a collaboration between Strike and Bitnob, a regional Bitcoin app.
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Bernard Panah, the CEO of Bitnob, told there is a lack of fairness in the current financial system for African citizens and businesses. The Lightning Network is seen as the best solution for users with limited options at the moment. Both companies collaborate to bridge America with Africa by connecting local financial entities with the Lightning Network.
“What we have built reduces the pressure on our financial institutions in sourcing USD liquidity. People can now easily exchange value from the US to people in Africa in the cheapest way possible. We can now save people sending money back home to Africa billions of USD in transfer fees,” Panah explained.
Lightning Network is Bitcoin’s overlay protocol that is supposed to secure fast and instant transactions. While it’s mostly available in developed countries, it is surely expanding to developing nations as well.
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Even in a notable bear market, Strike starts in the three mentioned African countries, but plans to expand further in the future.
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