The move enables Strike to leverage Bitcoin’s Lightning Network. This allows for a faster, cheaper and more accessible alternative to Mexican traditional money transfer providers.
With Send Globally, users can make instant payments to Mexican bank accounts anytime they need without added transaction fees.
Jack Mallers, founder and CEO of Strike, said: ““Cross-border payments from the U.S. to Mexico have reached unprecedented levels, serving as a lifeline for millions of people.
“However, existing payment services are costly and inefficient, making them inaccessible to many”, said Mallers. “At Strike, we believe that everyone should have equal access to better payments and financial stability. We’re excited to bring fast, low-cost cross-border payments via the Lightning Network to Mexico, enabling more people to send money home.”
Strike provides cheaper and faster global payments for businesses and individuals through the Bitcoin Network. In September 2022, the company secured $80m in a Series B funding round led by Ten31 and joined by Washington University in St. Louis, the University of Wyoming, and others.
Strike said it planned to use the money to further its existing partnerships and form new ones.
Immanuel Joy, CEO of Relampago, a company providing money transfer services in Latin America, welcomed Strike’s expansion in Mexico.
“Relampago is proud to partner with Strike to revolutionise money transfers from the U.S. to Mexico, the world’s largest cross-border payments corridor”, Joy said. “By harnessing the Lightning Network, we enable instant, low-cost, cross-border payments and are transforming the financial landscape for millions of Latin American individuals.”