Strike, the global money app for fast, “safe” payments and bitcoin, announced the expansion of “Send Globally” to Mexico, “bringing its revolutionary payment service to the largest market for remittances from the U.S.”
In 2022, Mexico received “a record of $60 billion in remittances from the U.S. alone, making up around 95% of total remittances received from abroad.”
Today, sending a payment “from the U.S. to Mexico costs an average of 4.57% of the transaction value.”
Strike “leverages Bitcoin’s Lightning Network to provide a faster, cheaper, and more accessible alternative to traditional money transfer providers in Mexico.”
With Send Globally, users “can enjoy instant payments to a Mexican bank account around the clock, every day of the year, without added transaction fees.”
Jack Mallers, Founder and CEO of Strike, said:
“Cross-border payments from the U.S. to Mexico have reached unprecedented levels, serving as a lifeline for millions of people. However, existing payment services are costly and inefficient, making them inaccessible to many. At Strike, we believe that everyone should have equal access to better payments and financial stability. We’re excited to bring fast, low-cost cross-border payments via the Lightning Network to Mexico, enabling more people to send money home.”
When using Send Globally, dollars are “converted into bitcoin, which is sent via the Lightning Network to a third-party partner.”
That partner “converts the bitcoin into local currency, which is sent directly to the recipient’s local account, such as their bank account.”
This way, the sender “doesn’t have to worry about bitcoin’s tax treatment or volatility.”
In Mexico, Strike has partnered “with Relampago to enable transfers from U.S. dollars that are received as local currency directly in a recipient’s bank account.”
Immanuel Joy, CEO of Relampago, said:
“Relampago is proud to partner with Strike to revolutionize money transfers from the U.S. to Mexico, the world’s largest cross-border payments corridor. By harnessing the Lightning Network, we enable instant, low-cost, cross-border payments and are transforming the financial landscape for millions of Latin American individuals.”
Since launching the feature in December 2022, Strike has quickly “expanded Send Globally to over a dozen countries including the Philippines, Vietnam, Nigeria, and now Mexico, which are among the top 10 largest cross-border markets.”