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Strike Embraces In-House Bitcoin Custody, Leaving Third-Party Intermediaries Behind


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Alex Lari

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Strike, a digital payments company specializing in Bitcoin transactions, has successfully transferred its customer assets to its own internal infrastructure. This significant milestone, announced by CEO Jack Mallers, represents the culmination of a two-year endeavor aimed at reducing the risk by third parties holding assets and enhancing the company’s products and services.

By internalizing custody, Strike eliminates the need for intermediaries responsible for safeguarding assets, empowering users to directly hold their bitcoin and fiat currencies with the company.

This development opens the door for Strike to introduce new functionalities, including peer-to-peer bitcoin transfers, the choice to receive funds in either cash or bitcoin, and the ability to conduct on-chain and lightning payments all internally, much faster and for far less fees.

Mallers highlighted the immediate and future advantages that Strike users would enjoy as a result of the internal custody transition.

Strike has not commented on its former custodians, and instead emphasizes that their decision to transition to in-house custody has been a meticulously planned process spanning two years. With this transition, Strike’s extensive customer base, which spans across more than 65 countries, will now have the ability to directly custody their bitcoin and fiat assets with the company.

Read more on the subject : Strike To Expand Operations To 65 Countries While Moving Its Headquarters To El Salvador

Mallers added:

“I’m proud to announce Strike now owns and operates all of its own infrastructure for customers. Strike now custodies customer bitcoin and dollars, which means no custodial intermediaries between us and our users.”

According to Mallers, the improved infrastructure has paved the way for the introduction of innovative features, such as higher deposit limits and tiered on-chain payments that offer faster and more cost-effective options.

Mallers also shared the company’s ambitious roadmap, which encompasses expanding global on/off ramps, enabling instant withdrawals, and introducing additional cross-currency capabilities.

He added that with successful completion of the custody transition, Strike is committed to delivering an elevated user experience and advancing its vision for a bitcoin-centric financial system.

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