Strike brings lightning-fast money transfers from the US to Vietnam
CHICAGO, March 23, 2023–(BUSINESS WIRE)–Strike, the world’s leading digital payment platform built on Bitcoin’s Lightning Network, today announced the launch of fast, secure and affordable money transfers from the US to Vietnam, further expanding its revolutionary cross-border. payment service.
Strike has partnered with Getbit to enable lightning-fast transfers from US dollars received as local currency to a recipient’s bank account in Vietnam, providing a low-cost and more efficient alternative to traditional transfer providers. Vietnam is among the ten largest markets for receiving remittances from the United States. In 2021, the country received more than $18 billion in remittances.
Since launching in December 2022, Strike’s “Send Globally” feature has rapidly expanded to provide access to better payments to people in Ghana, Nigeria, Kenya, the Philippines and now Vietnam. As of today, over 500 million people have access to this innovative option for cross-border payments.
“We believe that everyone should have access to fast, easy and affordable payment services,” said Jack Mallers, founder and CEO of Strike. “Millions of people depend on the ability to send money home and support their relatives in Vietnam. We are thrilled to partner with Getbit to revolutionize cross-border payments via the Lightning Network and deliver a seamless and affordable experience for everyone. We are proud to continue working to promote financial innovation and inclusion for all.”
Strike uses Bitcoin’s Lightning Network to make digital payments faster, cheaper and more accessible to people globally. With Send Globally, dollars are converted to bitcoin and sent via the Lightning Network to a third-party partner. That partner converts the bitcoin into local currency, and sends the local currency directly to the recipient’s bank. This way, the sender does not have exposure to bitcoin or worry about bitcoin’s tax treatment or volatility, and the recipient simply receives their local currency directly into their account.
“Sending money between the US and Vietnam has historically been slow and expensive, making it a challenging experience for many people,” said Abhay Agarwal, founder and CEO of Getbit. “We are excited to partner with Strike to empower people to make fast, secure and efficient transactions powered by the Lightning Network. Getbit’s integration with Strike enables Vietnamese-American families to stay connected and support their loved ones at home with ease . We’re excited to play a role in building a more inclusive experience and shaping the future of payments.”
Strike has quickly expanded its Send Globally feature to enable transfers to more markets in an effort to make cross-border payments more accessible, especially in countries where many people rely on remittances. Strike plans to add a number of new markets over the course of the year.
About strike
Strike enables cheaper, faster, global, final cash payments for businesses and consumers alike. Strike is built on top of the Bitcoin network – the largest global, interoperable and open payment 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.
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