Strike Expands Remittance Feature to Philippines: Americans Send Over a Billion Dollars to the Country Every Month
Recipient in the Philippines does not need a strike account or lightning wallet. Sender simply enters the recipients bank account number or phone number to send.
- Recipient in the Philippines does not need a strike account or lightning wallet.
- Sender simply enters the recipients bank account number or phone number to send.
- Strike's remittance product now supports Ghana, Kenya, Nigeria, and the Philippines.
“The Philippines is one of the biggest remitting markets in the world, especially from the United States,” Jack Mallers, CEO of Strike, said to TechCrunch. In 2021, about $12.7 billion in cash remittances was sent from U.S.-based Filipinos to the Philippines, according to Statista data.
For example, if a customer wants to take $5 and send it to a country like the Philippines, the Bitcoin is converted over the Lightning Network and reconverted into the local currency “in the order of seconds to minutes as opposed to days or weeks,” Mallers said.
Aside from the Philippines, Strike plans on expanding further in the Latin American and African regions as well due to the “extreme amount of demand,” Mallers shared. “We’re seeing partners pop up all over the world.”
Now, Strike is gaining demand and partners seeking out integrations from everywhere between the U.K. and throughout Europe all the way to “20 new countries we’ll potentially add in February in Africa,” Mallers added.