Bitcoin enabled Cross-Border Payment Service Extended to Guatemala by Fintech Strike

Strike, which claims to be one of the world’s leading digital payments platforms built on Bitcoin’s Lightning Network, announced the expansion of “Send Globally” to Guatemala, bringing its cross-border payment service to Latin America.

In 2022, Latin America and the Caribbean “received more than $140 billion in cross-border payments.”

U.S.-Guatemala is reportedly “one of the world’s largest remittance corridors and its people and economy rely on more than $18 billion annually in money sent from abroad, with a large proportion originating from the U.S.”

Strike has partnered with Osmo in Guatemala “to enable transfers from U.S. dollars that are received as local currency in a recipient’s bank account or Osmo wallet, offering a fast, low-cost and secure alternative to traditional remittance providers.”

While the majority of Guatemalan residents own a smartphone, “an average of 60% of adults do not have a bank account.”

By providing Osmo customers “the option to cash out their Bitcoin balance at over 8,000 participating retail locations, as well as use it to pay at over 250 in-store and online merchants, the partnership makes an important contribution to expanding financial access in the country.”

Jack Mallers, Founder and CEO of Strike, said:

“Traditional cross-border payment services are not built with financial inclusion in mind. We believe that everyone should have access to inclusive and equitable payments. We’re excited to partner with Osmo to bring fast, secure, and low-cost cross-border payments via the Lightning Network to Guatemala and serve millions of people who have previously been excluded by legacy payment rails.”

Strike uses Bitcoin’s Lightning Network “to make digital payments faster, cheaper, and more accessible for people globally, particularly in countries with a high number of unbanked individuals.”

With Send Globally, dollars are “converted into bitcoin, which is sent via the Lightning Network to a third-party partner operating in the recipient’s country.”

That partner “converts the bitcoin into local currency, which is sent directly to the recipient’s bank, wallet, or mobile money account depending on the payment methods available.”

This way, the sender “doesn’t have to worry about bitcoin’s tax treatment or volatility, and the recipient simply receives local currency directly into their account.”

Piero Coen, Founder and CEO of Osmo, said:

“We are incredibly proud to partner with Strike to continue creating a borderless and accessible financial system that serves everyone. We’re confident that our partnership will further drive our mission of delivering financial inclusion and empowering underserved communities in Guatemala.”

Since launching the feature in December 2022, Strike “has quickly expanded Send Globally to 11 countries.”

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