"This is now live in the U.S. Users can send as little as $5 instantly to Mexico. Soon we'll enable all of this global infrastructure for the new markets around the world we recently launched," wrote Strike's CEO Jack Mallers on Twitter.
"Strike leverages Bitcoin’s Lightning Network to provide a faster, cheaper, and more accessible alternative to traditional money transfer providers in Mexico. With Send Globally, users can enjoy instant payments to a Mexican bank account around the clock, every day of the year, without added transaction fees," said the press release.
"When using Send Globally, dollars are converted into bitcoin, which is sent via the Lightning Network to a third-party partner. That partner converts the bitcoin into local currency, which is sent directly to the recipient’s local account, such as their bank account. This way, the sender doesn’t have to worry about bitcoin’s tax treatment or volatility."
"In Mexico, Strike has partnered with Relampago to enable transfers from U.S. dollars that are received as local currency directly in a recipient's bank account."
"Relampago is proud to partner with Strike to revolutionize money transfers from the U.S. to Mexico, the world's largest cross-border payments corridor,” said Immanuel Joy, CEO of Relampago. “By harnessing the Lightning Network, we enable instant, low-cost, cross-border payments and are transforming the financial landscape for millions of Latin American individuals."
"In 2022, Mexico received a record of $60 billion in remittances from the U.S. alone, making up around 95% of total remittances received from abroad."