Revolutionizing Remittances: How Strike Global Leverages Lightning Network for Instant Payments

Zap and the Future of Payments

Zap, the up-and-coming payments startup stacked with the support of Visa through their Fintech Fast Track program, is gearing up to shake things up with its new app, Strike Global. This innovation harnesses the power of Bitcoin’s layer-two technology and promises to transform the way we approach payments and remittances.

The Lightning Fast Difference

In a recent announcement, CEO Jack Mallers took center stage to explain how Strike Global differentiates itself from traditional fiat transfer mechanisms. His focus was particularly on the remittance market—an expansive multibillion-dollar operation chugging along with the help of expensive middlemen who often take a huge bite out of your cash.

What’s the Big Deal About Lightning?

Unlike your standard fintech app, Strike Global utilizes the Lightning Network for settlements. What does that mean? For starters, it grants users the luxury of instantaneous payments at a fraction of what conventional payment systems would charge. That’s like finding a VIP pass to bypass the line at a theme park… except this theme park doesn’t have roller coasters; it just has your hard-earned money!

How It Works: The Two Transfers

Strike Global operates on a two-pronged approach based on the recipient’s location:

• For Developed Banking Systems: Users can send payments without ever having to directly handle Bitcoin. Strike takes on the tough part, withdrawing from your bank, converting into Bitcoin, and delivering the recipient’s cash in their local currency. It’s like getting your pizza delivered, but instead of cheesy goodness, you are receiving bags of money!
• For Underbanked Regions: Here, the app becomes a little more adventurous. Users can choose to hold funds in either Bitcoin or Tether (USDT) and convert them to local cash using local Bitcoin ATMs or platforms like LocalBitcoins. It’s remittance meets treasure hunting, but without the pirates and large ships!

Simplifying Exchanges for Everyone

Perhaps the best part? Strike acts as a magician behind the curtain, streamlining the traditionally convoluted exchange processes. The experience is designed to feel familiar—similar to other fintech apps—without bogging the user down in Bitcoin jargon or complex wallet maneuvers.

A Partnership for Progress

Zap has also teamed up with Bittrex to tap into its user base—because why stop at just changing remittances when you can also expand your customer reach? With big plans for 2021 including beta tests of the app and the introduction of Strike Visa cards across the U.S. and eventually in the EU and the UK, this startup is gearing up to go big!

Embracing the Future of Payments

The Strike Global launch aligns perfectly with a growing trend of businesses beginning to adopt modern Bitcoin technologies. In this exciting landscape, institutions like Kraken and Binance are scrambling to integrate more innovative features, leaving us to wonder: is the future of payments really bright, or is it simply illuminated by the glow of computer screens?