Strike and Shopify Join Forces: Bitcoin Payments Go Mainstream

The Exciting New Partnership

In a groundbreaking move that could change the game for online merchants, Chicago-based payment application Strike has integrated its services with global e-commerce titan Shopify. This partnership now enables nearly two million Shopify merchants to accept Bitcoin (BTC) payments seamlessly through the Lightning Network.

What is the Bitcoin Lightning Network?

The Bitcoin Lightning Network (LN) is like a fast lane for Bitcoin transactions, designed to make them quicker and cheaper than ever. Forget waiting days for your money to settle; LN promises almost instant transactions, making it a game-changer for businesses and consumers alike.

Details from the Launch

Strike’s CEO Jack Mallers made the announcement at the famous Bitcoin 2022 conference in Miami. His passion was palpable as he described the integration, exuding enthusiasm for the future of digital payments. “If I wanna walk into a Whole Foods or a McDonald’s and use a different payment network, it’s this thing… You can receive in #BTC, take Starbucks points, I don’t care,” Mallers said. His message is clear: the future of payment systems might be less about traditional banking and more about digital currencies.

Shopify’s Merchant Base

Shopify currently sits pretty as the 18th largest e-commerce company globally, boasting approximately $4.6 billion in annual revenue. With this integration, those almost two million merchants can now welcome Bitcoin transactions. However, don’t get too excited just yet—the only merchant mentioned in the official release was Warren Lotas, an LA-based streetwear brand, whose website was down during the announcement. Talk about timing!

Why Instant Payments Matter

In his discussion, Mallers underscored the perks of instantaneous settlement. Unlike traditional payment systems, which can keep your money in limbo for days, instant transactions would streamline accounting and allow businesses to analyze their cash flow rapidly. Given that many businesses operate on tight margins, swift payments could be a significant advantage.

More Partnerships on the Horizon

As if that wasn’t enough, Mallers also unveiled Strike’s partnership with Blackhawk, the largest point of sale supplier worldwide. With $2.5 billion in annual revenue and a presence in over 400,000 storefronts across 28 countries, this partnership stands to further propel Bitcoin usage in everyday transactions.

The Conference Buzz

While the buzz at the Bitcoin 2022 conference has been palpable, with announcements from multiple players, including Robinhood’s long-awaited crypto wallet, the market reaction hasn’t been explosive just yet. At the time of writing, Bitcoin is at $43,594, a modest uptick of 0.54%. But then again, Rome wasn’t built in a day—and neither is the adoption of cryptocurrency.