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With the addition of Mexico to its Lightning Network-based service, the digital payments startup Strike is advancing significantly in the area of cross-border payments. Mexico presents a strategic potential for Strike as it is the largest market for remittances from the U.S., accounting for over 95% of all remittances received by Mexicans from abroad.
Send Globally, a cross-border payments service from Strike, will be accessible in Mexico as of June 14 and provide consumers with a quick and easy way to send money abroad. Compared to conventional ways, the service enables faster and more affordable transactions by utilizing the Lightning Network, which functions as a second layer payment system for the Bitcoin blockchain.
According to the company’s news release, users can send dollars across the border and have it converted into pesos and delivered to the recipient’s bank account. Because there are no middlemen involved in this simplified process, costs are lower and settlement periods are quicker.
“Strike’s expansion to Mexico brings a better alternative to 12 million Mexican Americans,” the release said, underscoring the plight of an ever-growing number of Mexican migrants in the U.S. who are plagued by “high fees, slow settlement, and lack of innovation in incumbent cross-border payments services.”
This strategic growth comes after Strike recently decided to internalize custodial operations, demonstrating its dedication to offering dependable and secure services. With operations in over 65 countries and a new headquarters in El Salvador, the company’s global presence is growing quickly.
By utilizing the abilities of the Lightning Network to empower people and improve financial accessibility for users across borders, Strike’s entry into Mexico represents a crucial advancement in the revolutionization of cross-border payments.