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Bitcoin Payment App Strike Expands its Operations to Argentina

Bitcoin Payment App Strike Expands its Operations to Argentina

Bitcoin payment app Strike Global is pushing on with its Latin-American expansion plans with its recent launch in Argentina with goals to help citizens facing uncertain times in the country.

Jack Mallers, CEO of Strike Global Zap Inc., announced the news in a Twitter thread on Tuesday, January 11th. The announcement reads:

“Today, we launch a superior financial experience to a country that faces hyperinflation, predatory payment networks, and unusable cross-border transfers.

Today, we use the world’s open monetary network, #Bitcoin, to give hope to the people of Argentina.”

Although it is just an expansion of a company, given the current financial condition of Argentina, the country needs a new monetary system to come out of this turmoil. According to Jack, “there have been 8 currency crises since the central bank was founded.”

Due to the continued devaluation of the Argentinian Peso, people are fleeing their Peso for dollars resulting in shrinking Dollar reserves. This had led the government to place restrictions on how much foreign currency citizens can hold and shut down many dollar-denominated payment networks in the country.

According to Jack Mallers, the solution to come out of this economic turmoil is Bitcoin.

His tweet highlights that with the launch of Strike in Argentina, nationals now have access to a life-changing financial experience as they can now begin using bitcoin remittance payments, use the peer-to-peer transaction system of Strike, as well as receive bitcoin tips from their Twitter platform.

He wrote:

“With Strike, the Argentinian people can now hold a stable cash balance that can be spent both instantly and with no fees.

Cheap, instant, cash final, global payments of any size, for anyone, to anywhere. Even over @Twitter.

No inflation.

No restrictions.

Financial freedom.”

Strike Global is a payment platform that uses Lightning Network (LN) to offer instant and free Bitcoin payments globally. As Crypto Economy reported, ZAP, a Lightning payment startup headed by Jack Mallers, launched Strike Global in January 2021.

It is a real-time, non-custodial, global settlement, and self-clearing system that converts the currency to be sent into Bitcoin and then sends these Bitcoin to the destination where they are converted back to the required currency.

Strike has partnered with Bittrex Global to achieve its expansion plans in over 200 countries. The launch in Argentina follows the first Latin-American launch in El Salvador in March 2021. The app is currently available in the US, UK, and Europe. Strike also supports stablecoins such as Tether (USDT) and USD Coin (USDC). A debit Strike Card is also coming soon.