Strike Expands Bitcoin Payments to 65 Countries by Moving HQ to El Salvador
The target audience for Strike has grown to include three billion individuals. US regulatory uncertainty was noted by CEO Jack Mallers.
Strike announced its worldwide expansion to 65 new markets on May 19. It is also relocating its headquarters to El Salvador, where Bitcoin is recognised as legal cash, as part of its worldwide growth strategy.
CEO Jack Mallers praised the ease of use of the Strike app during an interview with Fortune at the Bitcoin 2023 conference in Miami.
“In contrast to the mysterious world of crypto exchanges, unknown licencing regimes, and a thousand distinct currencies, we think there are billions of people who want a money app with those characteristics and capabilities.”
Bitcoin Lightning Network, a layer 2 scaling technology, is used by the Strike app to provide low-cost and rapid payments.
According to Mallers, a lack of clarity and rising regulatory pressure in the US were major factors in the company’s decision to move operations overseas.
The company will soon extend its present operations in the United States, Argentina, and El Salvador to a global market of around 3 billion people.
In light of the SEC’s recent spate of lawsuits against cryptocurrency businesses, Mallers saw this as confirmation for Strike’s Bitcoin-first strategy.
The company is also experiencing difficulties in New York, where it is not yet accessible because of the state’s restrictive BitLicense requirements.
Mallers plans to increase its banking partnerships so that its debit card may be used in additional countries. Customers in South America see Circle as a stablecoin for American institutions, therefore the app stores their dollar holdings in Tether at the moment, he said.