Strike Launches Instant, Cheap Remittances to Mexico Using Bitcoin Lightning

Global money app Strike has announced the expansion of its payments service “Send Globally” to Mexico, the largest market for cross-border payments from the United States. The move comes as cross-border payments from the US to Mexico reach historic highs, with Mexico receiving record $60 billion In dispatches from the US alone in 2022.

By leveraging bitcoin’s Lightning Network, Strike aims to provide a faster, cheaper and more accessible alternative to traditional money transfer providers in Mexico. With Send Globally, users will be able to enjoy instant payments to a Mexican bank account without additional transaction fees. In a press release shared with Bitcoin Magazine, Jack Malers, Founder and CEO of Strike, said, “We are excited to bring fast, low-cost cross-border payments to Mexico through the Lightning Network, enabling more people to Enabled to be sent home.

To facilitate these transfers, dollars are converted into bitcoins, which are sent via the Lightning Network to third-party partners. The partner then converts the bitcoin into the local currency and sends it directly to the recipient’s bank account. Strike has partnered with Relampago in Mexico to enable transfers from US dollars received in local currency to the recipient’s bank account.

Relampago CEO Emmanuel Joy expressed his pride in the partnership, saying, “Using the Lightning Network, we enable instant, low-cost, cross-border payments and are changing the financial landscape for millions of Latin American individuals.”

Since launching in December 2022, Strike has expanded Send Globally to more than a dozen countries, including the Philippines, Vietnam, Nigeria and now Mexico. These countries are among the top 10 largest cross-border markets in the world.

Strike’s expansion of Send Globally to Mexico demonstrates its commitment to providing accessible and efficient cross-border payment solutions. With the growing importance of remittances and the demand for fast and cheap transfers, Strike’s innovative approach has the potential to positively impact millions of people in Mexico and other countries around the world.