Strike CEO Jack Mallers Announced This Week That His Lightning Network Payments Platform, Strike, Is Introducing A Bitcoin Withdrawal Tab to Its Popular App.
Strike CEO Jack Mallers announced this week that his Lightning Network payments platform will add a bitcoin withdrawal tab to its popular mobile application. He tweeted, “Not your keys, not your coins.”
The update follows the July launch of Strike’s Bitcoin tab, which significantly reduced fees on all Bitcoin transactions and withdrawals to nearly zero. Mallers wrote last month in an announcement post: “Beginning today, Strike will strive to be the world’s cheapest and easiest way to acquire bitcoin.” He wrote this week, “I’d propose that we eliminate the waitlist and immediately begin the race to the bottom.”
The addition represents the arrival of a long-awaited feature that will almost certainly contribute to the application’s legitimacy as one of the best places to buy bitcoin. Self-custody, combined with virtually fee-free withdrawals and payments, may distinguish Strike as a mobile platform for bitcoin purchases.
Prior to the addition of this tab, Strike’s only significant competitor for quickly purchasing Bitcoin on a mobile device was Cash App. However, purchasing Bitcoin via the Cash App, which is operated by payments giant Square, still carries a significant fee premium.
Numerous other exchanges, such as Coinbase, Kraken, and Swan, have long enabled bitcoin withdrawals, but none of them offer instant or fee-free withdrawals or Lightning Network capabilities.
Other prominent platforms, such as Venmo and Robinhood, claim to allow users to purchase bitcoin but do not allow users to withdraw it. Jack Mallers made headlines earlier this year when Strike was revealed to be the primary partner in El Salvador’s decision to declare Bitcoin legal tender at the Bitcoin 2021 Conference.