Strike, the global money app, announced the expansion of its payment service, “Send Globally”, to Mexico, the largest market for cross-border payments from the United States. The move comes as cross-border payments from the United States to Mexico reach historic highs, with Mexico receiving a record $60 billion in remittances from the United States alone in 2022.
By leveraging Bitcoin’s Lightning Network, Strike aims to provide a faster, cheaper, and more accessible alternative to traditional money transfer providers in Mexico. With Send Globally, users will be able to enjoy instant payments to a Mexican bank account without additional transaction fees. In a press release shared with Bitcoin Magazine, Jack Mallers, Founder and CEO of Strike, said, “We’re excited to bring fast, inexpensive cross-border payments through the Lightning Network to Mexico, enabling more people to send money home. .”
To facilitate these transfers, dollars are converted into bitcoins, which are sent via the Lightning Network to a third-party partner. The partner then converts the bitcoin into local currency and sends it directly to the recipient’s bank account. Strike has partnered with Relampago in Mexico to enable transfers from US dollars that are received in local currency to a recipient’s bank account.
Immanuel Joy, CEO of Relampago, said he was proud of the partnership, saying, “By leveraging the Lightning Network, we are enabling instant, low-cost cross-border payments and transforming the financial landscape for millions of Latin American individuals.
Since launching in December 2022, Strike has expanded Send Globally to more than a dozen countries, including the Philippines, Vietnam, Nigeria, and now Mexico. These countries are among the 10 largest cross-border markets in the world.
Strike’s Send Globally expansion into Mexico demonstrates its commitment to providing accessible and efficient cross-border payment solutions. With the growing importance of remittances and demand for faster, cheaper transfers, Strike’s innovative approach has the potential to positively impact millions of people in Mexico and other countries around the world. .