Strike, a payments platform built on Bitcoin’s Lightning network, enabled instant and low-cost payments to Nigeria, Kenya and Ghana for U.S. users through its “Send Globally” feature.
The new feature is powered by a partnership with African payments platform Bitnob, according to a press release. The crypto payments are instantly converted into naira, cedi or shillings and deposited into the recipient’s bank, mobile money or Bitnob account.
“High fees, slow settlement, and lack of innovation in cross-border payments have negatively impacted the developing world,” Strike founder and CEO Jack Mallers said. “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. Strike offers an opportunity for people to transfer their US dollars easily and instantly across borders.”
Strike is looking to further its African efforts by exploring integrations and partnerships. Specifically, it is looking at working with African peer-to-peer and cross-border payment service provider Chipper Cash.
The Lightning-focused Bitcoin payments firm raised $80 million in a Series B funding round in September.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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