Strike Expands Money Transfer Service to the Philippines
• Strike, a digital payments platform built on Bitcoin’s Lightning Network, has announced the expansion of its “Send Globally” product to the Philippines.
• This new service will offer fast, secure and low-cost money transfers between the US and the Philippines.
• The Philippines is one of the world’s largest remittance markets and relies on over $35 billion annually in money sent from abroad.
Revolutionizing Traditional Cross-Border Payment Services
Strike has partnered with Pouch.ph in the Philippines to enable transfers from U.S. dollars that are received as Philippine pesos in a recipient’s bank or mobile money account in the Philippines. This revolutionary cross-border payment service will improve upon existing payment rails and provide financial inclusion for those previously excluded by legacy services.
How it Works
Strike uses the Lightning Network to make digital payments faster, cheaper, and more accessible for people globally, particularly in countries with a high number of unbanked individuals. With Send Globally, dollars are converted into bitcoin which is then sent via the Lightning Network to a third-party partner operating in the recipient’s country. The bitcoin is then converted into local currency and sent directly to the recipient’s bank or mobile money account without either party having to worry about tax implications, dollar volatility or custody issues.
The Benefits of Strike
The integration of Pouch.ph and Strike offers many benefits for Filipino-Americans who have been limited by outdated options such as costly fees and slow processing times associated with traditional remittances services:
• Fast – nearly instant payments via Lightning Network technology
• Low cost – significantly lower fees than traditional services
• Secure – no need for custodial solutions or worrying about taxes or volatility issues
Conclusion
By partnering with Pouch.ph, Strike has revolutionized cross-border payments between US and Philippine currencies while offering convenience and affordability not available through legacy systems such as banks or wire transfer services