Bullet Points:
• Strike has launched its “Send Globally” product to the Philippines, enabling fast, secure, and low-cost money transfers between the US and the Philippines.
• The Philippines is one of the world’s largest remittance markets, receiving more than $35 billion annually in money sent from abroad, including more than $12 billion from the US.
• Strike uses the Lightning Network to make digital payments faster, cheaper, and more accessible for people globally.
Strike, a world-leading digital payments platform built on Bitcoin’s Lightning Network, recently announced the expansion of its “Send Globally” product to the Philippines. This expansion will revolutionize traditional cross-border payment services and give people in the Philippines access to fast, secure, and low-cost money transfers from the United States.
The Philippines is one of the world’s largest remittance markets, receiving more than $35 billion in money sent from abroad each year, including more than $12 billion from the United States. This money is essential to the people and economy of the Philippines, and Strike is excited to partner with Pouch.ph to make cross-border payments more inclusive and accessible.
Send Globally allows US dollar transfers to be received as Philippine pesos in a recipient’s bank or mobile money account in the Philippines. This money is converted into bitcoin and sent via the Lightning Network, making the process incredibly fast and secure. The Lightning Network is also incredibly cost-effective, allowing for more affordable transfers between countries.
“Remittances are a broken system and Strike delivers an incredibly empowering experience for people to send money around the world in nearly an instant,” said Jack Mallers, Founder and CEO of Strike. “We’re excited to partner with Pouch.ph to advance financial inclusion and bring fast, low-cost cross-border payments via the Lightning Network to the Philippines. Our technology allows us to both improve on the existing cross-border experience and include those that have previously been excluded by legacy payment rails.”
Strike’s mission is to make digital payments faster, cheaper, and more accessible for people globally, particularly in countries with a high number of unbanked individuals. Their expansion to the Philippines is an important step in their mission to improve cross-border payments and increase financial inclusion.