Strike is an app that makes bitcoin’s Lightning Network accessible to everyone.
Developed by the Zap startup team, Strike acts as a bridge between traditional banking and Bitcoin.
How does it do this? Well, through a debit card or a bank account that allows its users to exchange Bitcoin and Lightning Network. Thanks to Strike, crypto lovers will now be able to use this app to make micropayments, buy goods and services online as well as buy cryptocurrencies and more…
Lightning Network is a decentralized peer-to-peer network that allows micropayments to be made almost instantaneously. Jack Mallers, creator of Strike and Zap, has defined Strike as “the first native Lightning neo-bank”.
TThe public beta launch of the Strike app, by the company Zap, was announced in July 2020, when its CEO, Jack Mallers, announced the new app for iPhone, Android and Chrome, which allows users to send and receive Bitcoin (BTC) and Lightning Network payments directly to and from a bank account.
During this first launch, Strike registered more than 10,000 users and currently processes millions of dollars in volume per month.
Strike is an application that allows Lightning payment transactions with just a debit card or bank account. However, its peculiarity is that instead of having to buy bitcoins to load their Lightning channels, Strike users do not have to use BTC.
In other words, you pay in fiat, but you use Lightning. If you want to convert fiat to bitcoin, you transact in Lightning and pay through Strike.
According to Mallers, “This is important because Strike users are not exposed to volatility, tax consequences, custodial challenges, node management, channel management, etc. When a user makes a Lightning payment with Strike, their balance is debited. When a user receives a payment on Strike, their balance is credited.”
Let’s take a practical example: Paula wants to send €1,000 (balance available in the Strike App) to her friend Ana in France. Strike debits the required amount from the user’s linked account or available balance and converts it into Bitcoin. Strike moves the Bitcoins on the Lightning network in less than a second and at no cost.
Then, the same application automatically converts the bitcoins back into euros and will credit the user’s account.
Well, to use Strike all you need to do is provide your name and a phone number and you’re ready to go!
In addition to using Strike to send money abroad, make purchases or simply to save our savings, this application has features that translate into great advantages and benefits:
After the launch of the beta version of the Strike App, which was only available in the United States, on January 6, 2021 the Zap company announced a big news: thanks to an agreement with the Bittrex exchange, the App now supports users from more than 200 countries and goes global. Strike Global already incorporates trading with euros, pounds, Swiss francs and the Tether (USDT) and USDC stablecoins, bringing the Bitcoin asset and network to billions of people.
The advantages of Strike Global include the following:
Regarding future developments of the App, Zap’s CEO reported that Strike is working to provide merchants with tools to process contactless payments. An enhanced electronic commerce system is also being implemented, along with a rewards program through partner merchants.
In the first quarter of 2021, it expects to complete its public and private beta, as well as issue a Strike Visa card in the United States. In the second quarter, it expects to launch its Strike Visa also in the European Union and the United Kingdom.
Jack Mallers stated in an interview:
The combination of the Bitcoin network, the Lightning network and Strike allows anyone to send any amount of money, at any time, at no cost. We now have an open monetary network that can physically settle any amount of value, anytime, anywhere, at virtually no cost. Combine that with an app that allows you to use this open monetary network with your bank account and you have monumental innovation and pure disruption.
According to Maller, this tool will allow mass adoption of cryptocurrencies, because it allows the entire public to learn about this world.
So, if you are interested in using this novel technology, all you have to do is download the Strike beta App, now available for Android, iPhone and Chrome.