Strike, the leading global money app, has unveiled its plan to extend its payment service, known as Send Globally, to Mexico.
This strategic decision caters to the immense demand for cross-border payments originating from the United States and heading towards Mexico, which happens to be the largest market in this domain.
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With cross-border payments from the U.S. to Mexico surging to unprecedented levels, Mexico witnessed an astounding inflow of $60 billion in remittances in 2022 from the U.S. alone, marking a remarkable milestone in its financial history.
Strike is revolutionizing the money transfer landscape in Mexico by harnessing the power of bitcoin’s Lightning network.
The objective is to offer a swifter, more cost-effective, and easily accessible alternative to conventional money transfer services. Through their innovative platform, Send Globally, users can now experience the convenience of instant payments to Mexican bank accounts without any additional transaction fees.
Jack Mallers, the visionary founder and CEO of Strike, stated: “We are thrilled to introduce fast and affordable cross-border payments using the Lightning Network to Mexico, empowering more individuals to send money home.”
In order to streamline these transfers, the process involves converting dollars into bitcoin, which is subsequently transmitted through the Lightning network to a trusted third-party partner. This partner performs the conversion of bitcoin into the local currency and promptly transfers the funds directly to the recipient’s bank account.
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Strike has formed a strategic alliance with Relampago in Mexico, empowering them to facilitate transfers seamlessly, converting received U.S. dollars into the recipient’s local currency within their bank account.
Immanuel Joy, the CEO of Relampago, expressed immense pride in the collaborative partnership, affirming, “Through the utilization of the Lightning Network, we are enabling instantaneous, affordable, cross-border payments, thereby revolutionizing the financial landscape for millions of individuals in Latin America.”
Since its introduction in December 2022, Strike’s Send Globally service has made significant strides, expanding its reach to over a dozen countries, such as the Philippines, Vietnam, Nigeria, and most recently, Mexico. Notably, these countries rank among the top 10 largest cross-border markets globally.