Crypto app Strike has unveiled a significant expansion in its services through a strategic partnership with payment processing platform Checkout.com. This collaboration enables users in over 65 countries to directly purchase Bitcoin using their debit cards.
One of the primary challenges for crypto providers is enabling users to seamlessly transition between fiat currencies, like the U.S. dollar, and cryptocurrencies such as Bitcoin. This often involves navigating payment rails like wire transfers and ACH transfers.
NEW: Strike is announcing a partnership with https://t.co/An0zyhcQbW to enable Bitcoin purchases in more than 65 countries, part of a larger global push for the @jackmallers-led crypto apphttps://t.co/c6w2R9jDZS pic.twitter.com/i9D4m84fvl
— Leo Schwartz (@leomschwartz) November 16, 2023
Strike’s founder and CEO, Jack Mallers, highlighted the long-term vision of becoming the “Bitcoin company for the Earth,” with global payments being a central focus.
Innovation in Crypto Payment Rails
The innovation in crypto lies in creating payment rails that operate 24/7 without the friction encountered in traditional banking systems separated by international borders. The goal is to enable effortless and instant cross-border transactions.
However, the ownership of cryptocurrencies remains a prerequisite. Most users acquire cryptocurrencies through on-ramps like exchanges or wallets, where they can purchase Bitcoin using fiat currency.
Strike’s Evolution and Partnership with Checkout.com
Founded in 2019, Strike initially faced limitations due to financial restrictions on users buying and selling Bitcoin. While its app was available in over 65 countries, users were restricted to sending Bitcoin and the stablecoin Tether between each other, with only select customers able to trade back and forth into fiat currency.
The partnership with Checkout.com marks a significant milestone for Strike, offering a new payment rail that expands the ability for users to buy and sell Bitcoin via the app. This collaboration opens up global opportunities, allowing users outside the U.S. to utilize the Send Globally feature for currency origination.
Checkout.com’s Role and Enhanced Features
Checkout.com, serving as a card network gateway, facilitates relationships with major entities like Visa and Mastercard. While not directly involved in fiat-to-Bitcoin conversions, Checkout.com acts as an alternative payment rail to traditional options like wire transfers and ACH, providing a global on-ramp for Bitcoin purchases.
Despite the broader crypto industry facing challenges, including custody changes and legal issues for some players, Strike remains committed to Bitcoin and regulatory compliance. Mallers emphasized that Strike’s dedication to these principles drives its ongoing expansion, even as other companies face difficulties.
The launch of enhanced features comes amid a period of industry turbulence, showcasing Strike’s resilience and commitment to facilitating accessible and secure Bitcoin transactions globally.