In a groundbreaking move, the crypto app Strike has unveiled a strategic partnership with payment processing platform Checkout.com, propelling its services to a new level. This collaboration opens the door for users in more than 65 countries to directly purchase Bitcoin using their debit cards, marking a significant milestone in the cryptocurrency space.
The challenge of seamlessly transitioning between traditional fiat currencies and cryptocurrencies has long been a hurdle for crypto providers. Strike’s Founder and CEO, Jack Mallers, shared in an interview with Fortune that the platform’s ultimate goal is to become the “Bitcoin company for the Earth,” with global payments as a core feature.
The essence of cryptocurrency innovation lies in the creation of payment rails that operate 24/7, free from the constraints of traditional banking systems and international borders. The ability for anyone to send any amount of money at any time is the vision, yet the practicality of widespread ownership of cryptocurrencies remains a concern.
Strike, founded in 2019, has faced limitations due to financial restrictions preventing users from seamlessly buying and selling Bitcoin. While the app is available in more than 65 countries, users were previously confined to sending Bitcoin and stablecoin Tether between each other. Now, with the Checkout.com partnership, users worldwide gain access to a new payment rail, enabling them to buy and sell Bitcoin directly through the app.
The partnership with Checkout.com is a game-changer, introducing a card network gateway that brokers relationships with major players like Visa and Mastercard. This collaboration expands the on-ramp for Bitcoin globally, offering users an alternative payment rail to wire transfers, ACH, and card processing. Mallers clarified that Bitcoin purchases and withdrawals will not be subject to daily limits outside the typical fraud prevention system, providing users with enhanced flexibility.
Despite the launch coinciding with a period of turmoil in the crypto industry, including high-profile legal proceedings and shifts in custody practices, Strike remains steadfast in its commitment to Bitcoin and regulatory compliance. Mallers emphasized that the platform’s expansion is driven by a dedication to the principles of Bitcoin, aiming to facilitate cross-border payments and remittances using the cryptocurrency.
As the crypto landscape navigates challenges, Strike’s global ambition and innovative partnerships position it as a key player in fostering widespread adoption of Bitcoin as a legitimate form of currency.