The popular Lightning Network-powered payment processing platform, Strike, is now available in El Salvador. The project is the latest in the country to capitalize on the crypto movement locally. Recently, El Salvador has seen a surge in crypto-related projects.
Specifically, Bitcoin-related ventures have become the norm. Already, towns such as El Zonta and Punta Manga have embraced the world's first cryptocurrency as a means of conducting commerce and storing value. Now, the entire country can save on remittance fees and avoid inflation using Strike.
Strike Those Fees Down
Strike is a payment processing and remittance protocol that offers users alternatives to the current centralized options in the market. Notably, El Salvador is one of the top countries in the world in terms of remittance payments. A whopping 22% of El Salvador’s GDP comes from remittance payments. The majority of these payments originate from the US. Currently, the country ranks 7th in the world in terms of remittance capital.
Sadly, these senders are hemorrhaging funds to the tune of around 20% per transaction every time they send funds to their loved ones. Firms such as MoneyGram and Western Union have made billions off the population due to these ridiculously high transfer fees. Strike seeks to alleviate these concerns and provide a secure and cost-effective alternative to the community.
Seeking Emerging Economies
Discussing the decision to launch in El Salvadore next, Strike's Founder, Jack Mallers explained the motivation behind the move. He stated that Strike was actively seeking out emerging economies when they decided on the country. El Salvador was a perfect fit for multiple reasons. For one, the country has very few financial regulations and even less Fintech infrastructure. This lack of options makes Strikes' proposal even more valuable to the populace.
Packed with Bitcoin Features to help the Masses
Strikes El Salvadore launch includes some other cool features that are sure to spark interests in the market. Users can choose to automatically convert their paychecks into Bitcoin using the Dapp. They can also send funds globally for pennies thanks to the Lightning Networks' efficiency.
Jack Strikes Again
Strike already has a strong international following. The platform released its beta in the US eight months ago. Shortly after, the team launched a beta in the European Union, U.K., and the Philippines. In the coming months, the team intends to complete a full rollout in the EU.
El Salvadore Becomes a Bitcoin Haven
Surprisingly, El Salvadore has become home to many Bitcoiners. These users have helped to promote the coin locally. In one unique maneuver, an anonymous whale launched the Bitcoin Beach concept. The premise of the project is to promote the use of Bitcoin as a public payment method in the country.
Strike Continues to Expand
You have to commend Strike on recognizing a need for its services in El Salvador and acting quickly. The platform is sure to save local residents millions in fees, time wasted, and headaches. For these reasons, you can expect Strike to see further adoption moving forward.