Strike, the world’s leading digital payments platform built on Bitcoin’s Lightning Network, today announced the expansion of its “Send Globally” product to the Philippines. Send Globally now enables fast, secure, and low-cost money transfers between the U.S. and the Philippines, revolutionizing traditional cross-border payment services.
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Strike, the world’s leading digital payments platform built on Bitcoin’s Lightning Network, today announced the expansion of its “Send Globally” product to the Philippines. (Photo: Business Wire)
The Philippines is one of the world’s largest remittance markets and its people and economy rely on more than $35 billion annually in money sent from abroad, including more than $12 billion from the U.S. alone. Strike has partnered with Pouch.ph in the Philippines, enabling transfers from U.S. dollars that are received as Philippine pesos in a recipient's bank or mobile money account in the Philippines.
“Remittances are a broken system and Strike delivers an incredibly empowering experience for people to send money around the world in nearly an instant,” said Jack Mallers, Founder and CEO of Strike. “We’re excited to partner with Pouch.ph to advance financial inclusion and bring fast, low-cost cross-border payments via the Lightning Network to the Philippines. Our technology allows us to both improve on the existing cross-border experience and include those that have previously been excluded by legacy payment rails.”
Strike uses the Lightning Network to make digital payments faster, cheaper, and more accessible for people globally, particularly in countries with a high number of unbanked individuals. With Send Globally, dollars are converted into bitcoin, which is sent via the Lightning Network to a third-party partner operating in the recipient’s country. That partner converts the bitcoin into local currency, which is sent directly to the recipient’s bank or mobile money account. This way, neither the sender nor the recipient has to worry about bitcoin’s tax treatment, dollar volatility, or custody implications.
"The U.S. to Philippines remittance market is one of the largest in the world, and until now, most Filipino-Americans have been limited to outdated options,” said Ethan Rose, Founder and CEO of Pouch.ph. “However, with the integration of Pouch.ph and Strike, we’re revolutionizing the way cross-border payments are made, empowering people to easily send money to their loved ones back home. We’re proud to be a part of building the world's most powerful payment network for global transactions."
Strike launched Send Globally in December 2022 starting with transfers from the U.S. to Nigeria, Kenya, and Ghana. The user experience and ability to bridge communities in the U.S. and Africa in partnership with Bitnob have been transformational and the opportunities for Strike in these and other markets are developing fast.
As of today, Send Globally is available for millions of people sending money to the Philippines and for use by tourists and businesses. Strike will continue to expand into more markets and leverage integrations with local partners to provide better payments services to communities across the globe.
About Strike
Strike enables cheaper, faster, global, cash-final payments for both businesses and consumers. Strike is built on top of the Bitcoin network – the largest global, interoperable, and open payments standard. Strike believes that open payment networks enable universal participation in the financial system, with truly borderless money transfers, cheaper payment processing, and new payment experiences previously impossible with legacy technology.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230131005380/en/
Contacts
Lavinia Chirico
press@strike.me
