– Strike, a digital payments platform built on Bitcoin’s Lightning Network, has expanded its “Send Globally” product to the Philippines.
– This expansion enables fast, secure, and low-cost money transfers between the U.S. and the Philippines.
– 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.
Strike, the world’s leading digital payments platform built on Bitcoin’s Lightning Network, has announced the expansion of its “Send Globally” product to the Philippines. This expansion is a revolutionary development in traditional cross-border payment services, as it allows for fast, secure, and low-cost money transfers between the U.S. and the Philippines.
The Philippines is one of the world’s largest remittance markets, with its people and economy relying on more than $35 billion annually in money sent from abroad, including more than $12 billion from the U.S. alone. This makes it an ideal partner for Strike, which has partnered with Pouch.ph in the Philippines to enable transfers from U.S. dollars that are received as Philippine pesos in a recipient’s bank or mobile money account.
“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 is utilizing 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, U.S. dollars are converted into bitcoin, which is sent through the Lightning Network to the recipient in the Philippines, who then receives the funds in Philippine pesos. This process can take as little as a few minutes, in contrast to traditional banking transfers that can take days or even weeks.
The partnership between Strike and Pouch.ph is an important step forward in increasing access to financial services for both individuals and businesses in the Philippines. It also has the potential to greatly reduce the cost of remittances for those sending money abroad, allowing them to keep more of the money they send to loved ones. This is an exciting development for both Strike and the Philippines and will have a lasting impact on the way money is sent around the world.