Strike launches Send Globally with crypto

Bitcoin crypto app Strike has officially announced that it can deliver remittances instantly and cheaply to Africa. Indeed, people in Nigeria, Kenya and Ghana can now receive cheap instant remittances in local currency via Bitcoin’s Lightning Network.

The Strike platform offers the easiest way to send, spend, remit and invest money through digital payments. Specifically, it is an app used to buy and sell Bitcoins, tip on the web, send and receive micropayments, send money, pay merchants for goods and services, and pay friends.

As already predicted, Strike is also one of the easiest ways to buy the most prestigious cryptocurrency, Bitcoin. Simply connect your payment method to the app and then you can track the coin’s price and, why not, even buy it.

Send Global: Strike’s new feature, what it is and how it works

The official statement of the new Strike feature, Send globally, he came a few days ago. The new specification introduced by the app allows US users to send money to Africa instantly and cheaply.

Jack Mallersfounder and CEO of Strike, commented on the new feature:

“With exorbitant fees for transferring funds to and from Africa and existing service providers reducing services, payment companies are struggling to do business in Africa and people are unable to send money home to their family members. Strike offers people the ability to easily and instantly transfer US dollars across borders.”

The remittance service allows people in Nigeria, Kenya and Ghana to receive money from the United States and instantly convert it into their local currency. The feature is made possible through a partnership between Strike and local Bitcoin application Bitnob.

Bernard Parachfounder and CEO of Bitnob, also said in a note:

“The current financial system is not set up to ensure equal access to African people and institutions. What we have built reduces the pressure on our financial institutions to provide USD liquidity.”

So, through the partnership between Strike and Bitnob, citizens can now easily exchange value from the United States to people in Africa in the cheapest way possible. The biggest benefit is that sending money home to Africa can save money billions of dollars in transfer fees.

Strike and Bitnob: Connecting Continents via Bitcoin

Strike and Bitnob unite two continents by connecting local financial institutions to the Universal Lightning Network, Bitcoin’s layer 2 protocol for cheap and fast payments.

Use Lightning railsStrike’s Send Globally feature offers users in the United States a cheaper, faster and more innovative way to send payments to Africa instantly.

Indeed, payments are instantly converted into naira, cedis or shillings and deposited directly into the recipient’s bank account, mobile money or Bitnob account. In addition, Strike said it plans to enable Send Globally in more African countries in the future.

Lightning Network: A Solution to Bitcoin’s Scalability Problems

As expected, to enable the new feature, Strike will use Bitcoin Lightning Network. But what is this proposed solution for Bitcoin crypto?

According to experts, it probably is final solution to the scalability problems of the well-known cryptocurrency. Specifically, the Lightning Network belongs to Bitcoin layer-2 solution, in other words, a network created on the structure of an existing blockchain, known as layer-1.

For example, Ethereum is layer-1 on which several other layers are built, including Optimism and Arbitrum. These structures serve to improve the existing chain, and among the main goals is to increase the scalability and speed of transactions.

Lightning Network is off the chain solution and includes a peer-to-peer protocol. In fact, transactions do not travel through the blockchain, but through a private channel between users. So its operation is very simple: participants open a channel, load funds, exchange as many times as they want crypto, and then they can close the channel.

The innovation is that the opening and closing of channels takes place on-chain. While peer-to-peer transactions they remain in the channel and are not shared with the Bitcoin blockchain. This mechanism allows participant balances to be accurate at all times, but avoids interacting with the chain for each individual transaction.

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