Bitcoin-Based Strike Debuts Lightning Network Cross-Border Payments in Mexico
Bitcoin payments firm
Strike has extended the reach
of its cross-border payments service to Mexico, as the company aims to leverage the country’s expansive remittances market.
As of June 14, 2023, the company has introduced
its 'Send Globally' service to the third-largest country
in Latin America. The service allows users to send funds internationally,
providing a convenient solution for cross-border transactions.
Based on data from
BBVA Research, in 2021 94.9% of remittance payments flowing
to Mexico originated in the US.
According to the digital payments firm, transfers to the country’s citizenry account
for approximately 95% of total remittances processed by Strike from overseas senders.
With this move,
U.S. dollars (USD) sent to
Mexico via Send Globally “will be received as Mexican Pesos in the recipient’s bank account.” – helping to reinforce
Strike’s presence in Latin America.
The announcement follows closely
on the heels of Strike CEO and co-founder
Jack Mallers' recent revelation that the company has decided to bring
its custody operations in-house.
