Strike, the global money app renowned for its secure and prompt payments and utilization of Bitcoin, has announced the extension of its “Send Globally” service to Mexico. This expansion brings Strike’s groundbreaking payment service to the largest market for remittances from the United States.
Traditional money transfer providers typically impose an average fee of 4.57% of the transaction value when sending payments from the U.S. to Mexico. However, Strike utilizes Bitcoin’s Lightning Network to offer a faster, more affordable, and more accessible alternative for money transfers within Mexico.
How Strike Works
With Strike’s Send Globally service, users can enjoy instant payments to Mexican bank accounts anytime, all year round, without additional transaction fees.
The process involves converting dollars into Bitcoin and transmitting that BTC to a trusted partner via the Lightning Network. This partner then converts the BTC into the local currency, which is transferred directly to the recipient’s local account, such as their bank account. This approach eliminates concerns about Bitcoin’s tax implications or volatility for the sender.
Global Expansion
The Strike has collaborated with Mexican banks to facilitate transfers from U.S. dollars, ensuring the funds are received as the local currency in the recipient’s bank account.
Strike aims to provide equitable access to premium payments and financial stability. They are thrilled to introduce fast and low-cost cross-border payments through the Lightning Network in Mexico, enabling more people to send money home.
Since its launch in December 2022, Strike’s Send Globally service has rapidly expanded and is already available in over a dozen countries, including the Philippines, Vietnam, Nigeria, and now Mexico. These countries rank among the top 10 largest cross-border markets. The expansion to Mexico is expected to significantly impact the country’s status as the primary recipient of remittances from the U.S.
Conclusion
The Mexico expansion followed shortly after Strike established its global headquarters in El Salvador. Strike’s addition to Mexico aims to address the challenges faced by Mexican migrants in the U.S., who often encounter high fees, lengthy settlement times, and a lack of innovation in existing cross-border payment services.
By leveraging the Lightning Network, Strike provides a more efficient and cost-effective solution for these individuals. The strike aims to meet the needs of millions of people who depend on remittances from the U.S. to Mexico. With its innovative approach and dedication to transforming the financial landscape, Strike is poised to positively impact the lives of individuals in Mexico and other countries worldwide.
