- Strike proposes cost-effective solutions for remittances in Africa, leveraging Bitcoin to overcome high fees and promote financial freedom.
- The launch of Strike Africa introduces comprehensive services, including buying/selling Bitcoin and stablecoins, facilitating affordable and fast cross-border payments.
Strike Africa introduces a suite of services based on Bitcoin and the Lightning Network, designed to transform financial access on the continent. Users can now interact with local and digital currencies, facilitating the buying and selling of Bitcoin and USDT, and executing international payments.
This Strike initiative seeks to offer efficient, secure and affordable financial alternatives for individuals and like other companies, which we have previously highlighted in ETHNews.
Jack Mallers, speaking about this launch, emphasized how Strike can change the current financial dynamics, giving people a means to safeguard their wealth in the face of inflation.
I just published Announcing Strike Africa
Today, we are launching Strike Africa, expanding our full suite of #Bitcoin services into Gabon, Ivory Coast, Malawi, Nigeria, South Africa, Uganda, and Zambia with more markets to come in the future.
LFG! 🌍🫡https://t.co/icN0DZ4bGS pic.twitter.com/khxKecltAY
— Jack Mallers (@jackmallers) February 27, 2024
The platform is also designed to serve businesses, providing them with access to specific services that are tailored to their business operations. The Strike API, in particular, is expected to encourage developers to innovate in the payments and Bitcoin space, expanding the possibilities for users in Africa and beyond, like other blockchains we have covered on ETHNews.
Customized Services with Strike Private
For selected users, Strike Private will introduce customized services including special pricing terms, Bitcoin education, and detailed market analysis. This customized service seeks to guide customers through their Bitcoin experience, offering them specialized support and in-depth knowledge.
Nigeria, the continent’s economic leader, is experiencing a crisis with inflation at approximately 30% and its currency reaching historic lows. The Nigerian Naira has devalued by 230% in the last year, economically affecting its 210 million citizens.
Similarly, Ghana recorded an inflation increase to 23.5%, averaging 14.3% in the decade leading up to 2022. Against this backdrop, Bitcoin functions as a digital asset of trust and protection against inflation, providing people with a way to safeguard their property rights and preserve their wealth.
Strike’s Proposal for the Continent
Remittance fees in Africa rank among the highest in the world, holding back financial progress. According to the World Bank, in 2022, the average cost of sending $200 to Africa was 8.5% of the amount sent, in contrast to a global average of less than 6%. Current remittance services are often limited and onerous, with fees reaching up to 20% for certain African countries.
Strike provides a solution for global payments that is fast, affordable and based on public digital infrastructure.
Using the Lightning Network, it facilitates a seamless and low-cost cross-border payments experience for individuals and businesses, a topic we have covered well in ETHNews.
In the face of runaway inflations, outdated payment systems with high fees and stringent capital controls that trap people in devalued currencies, platforms like Coinbase and Binance have benefited by promoting alternatives and speculative cryptocurrencies like Ether and Solana.
In contrast, Strike concentrates on offering a principled and ethical solution focused on the real value that Bitcoin offers, avoiding the distraction of speculative assets. As such, it is limited to the Bitcoin offering and a stablecoin only.
