Strike, a payments company built on Bitcoin Lightning Network, has raised $80m in its Series B funding round.

The round was led Ten31 and joined by Washington University in St. Louis, the University of Wyoming, and other investors along with existing backers.

Strike plans to use the investment to fund growth, expand existing partnerships and form new ones.

The funding comes after Strike launched its flagship application programming interface (API), which gives an alternative experience to traditional card networks to enable ‘instant’, global, cash-final payments without the legacy processing fees such as interchange.

Initial customers of the API include Blackhawk, NCR, and Shopify.

Strike also plans to expand its product offerings aimed at large financial institutions and businesses to receive and send money.

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Strike founder and CEO Jack Mallers said: “We are moving full speed ahead not just to integrate Strike’s revolutionary payments with leading merchants, but globally, with a variety of businesses and partners to innovate and deliver on more financial inclusion.

“Every company that is in the business of moving money is interested in superior payments, and we’re in talks with many of them.”

Ten31 co-founder and managing partner Grant Gilliam said: “Strike and Ten31 have a shared vision for the positive impact bitcoin can have on the world and are mutually aligned on accelerating its adoption.

“We believe Strike is poised to disrupt the financial services and payments landscape, enabling a more efficient, innovative, and inclusive financial experience for everyone. We are excited about supporting Strike’s next phase and strengthening our partnership together.”