Strike, a global payments network, has partnered with Bitnob, an African payment platform, to launch cross-border payments in Africa. This was announced during the AfroBitcoin Conference in Ghana.
A press release was also circulated about the partnership. At the conference, Jack Mallers, CEO of Strike, and Bernard Farrah, CEO of Bitnob Nigeria, gave a brief presentation on how the product works.
The product is called “Send Globally,” and it allows users in the United States to send money to African countries like Nigeria, Kenya, and Ghana. Payments made in dollars are converted to the native currency of the recipient country and deposited into local accounts. This product is only available in three African countries: Nigeria, Ghana, and Kenya, with plans to expand to other countries.
Jack Mallers, the founder and CEO of Strike, commented on the partnership.
High fees, slow settlement, and lack of innovation in cross-border payments have negatively impacted the developing world, with exorbitant fees to transfer funds in and out of Africa and incumbent providers halting services, payments companies are struggling to operate in Africa and people cannot send money home to their family members. Strike offers an opportunity for people to transfer their US dollars easily and instantly across borders”
Bernard Parah also commented on the current financial system in Africa, describing it as inaccessible and costly for its citizens. He claims that the product will be a low-cost way for Americans to exchange value with African countries.
Strike is a digital payment network built on Bitcoin’s Layer 2 scaling solution, the Lightning Network. It was founded in 2020 by Jack Mallers with the goal of making cross-border payments more accessible, faster, and less expensive. The company intends to offer its services in over 200 countries and believes that an easy-to-use and accessible payment system will enable universal economic participation. They had just raised $80 million in a Series B funding round in September, which will facilitate more partnerships to achieve their goal.
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