Strike Partners With Shopify, NCR, and Blackhawk
Strike founder and CEO Jack Mallers made the announcement on Thursday (April 7, 2022), while speaking at the ongoing Bitcoin 2022 Conference in Miami. The latest development would allow merchants globally to receive Bitcoin payments denominated in U.S. dollars.
Maller also revealed Strike’s partnership with alternative payments provider Blackhawk Network, and NCR, the world’s largest point of sale provider.
An official press release stated that the integration enables Shopify merchants to expand their payment options “and reach untapped global markets and purchasing power.” The announcement further said:
“Strike’s integration also allows Shopify merchants to generate savings through low-cost payment processing. By instantly converting bitcoin payments to dollars, Strike removes certain complexities merchants face in holding bitcoin.”
Mallers, during his speech, said there has not been an improved payments network since 1949 that enables innovation and offers cheaper and faster services.
Meanwhile, the integration aims at transforming the payments system and offering an efficient alternative to the existing traditional card model.
The Strike CEO also said that Shopify merchants will receive payments instantly, without having to deal with intermediaries and paying a three percent fee. Also, the new service is available to consumers globally with a Lightning Network-enabled wallet.
Mallers added that payment settlement in Bitcoin via the Lightning Network is a “new superior payments rail” that has come after over 50 years.
Commenting on the integration with the e-commerce giant, Mallers said:
“We’re proud to partner with Shopify to provide merchants with a cheaper and faster way to accept U.S. dollars using Bitcoin technology. The Lightning Network is a global payments network that lowers costs, enhances speed, drives innovation, improves financial inclusion, and brings the power of choice to consumers and merchants.”
Lightning Network Sees Growing Adoption
The Shopify integration is part of Strike’s elaborate plans to achieve increased Bitcoin adoption in the commerce sector, both online and in-store. At the moment, Warren Lotas, a Los Angeles-based streetwear brand, is the only merchant onboarded by Strike.
Mallers also revealed that he has “been working with policymakers to ensure we have the right to innovate and build freely in this country.” The Strike CEO was instrumental in El Salvador’s move to adopt Bitcoin as legal tender back in 2021.
Meanwhile, Maller’s last announcement signals a growing adoption of the Lightning Network. Also on April 7, Robinhood announced at the Bitcoin 2022 Conference the launch of its crypto wallet for over two million eligible customers on the waitlist.
The wallet, according to Aparna Chennapragada, Robinhood’s Chief Product Officer, will integrate the Lightning Network for faster Bitcoin transactions. A statement from Chennapragada in a blog post said:
“Our goal is to make Robinhood the most trusted and easiest to use crypto platform. We’re excited to bring even lower costs to our customers by integrating with the Lightning Network.”
Other firms that also support Bitcoin Lightning Network payments include Kraken and BitPay. El Salvador’s Chivo wallet has also integrated the Lightning Network.
These developments signal more widespread cryptocurrency adoption worldwide, and they indicate the direction personal and business finance is heading in the future to come.
Cryptocurrency continues to expand its reach worldwide. Read about how over 170 service stations in South Australia will soon accept payment in crypto.
Another recent example is the addition of a popular memecoin to Bitcoin of America ATMs. Click here to find out which one made the leap into the mainstream.