The CEO of Lightning Network wallet Strike says the US government’s rapid debt accumulation will be the catalyst that sends Bitcoin (BTC) to greater heights. In a new interview with Bloomberg Technology, Jack Mallers says the United States has no way of paying off its record-high $34.578 trillion debt. According to Mallers, he sees the […]
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The CEO of Lightning Network wallet Strike says one catalyst could trigger a surge for the king crypto that could swiftly see it hit a six-figure price tag. In a new interview with Fox Business, Jack Mallers says that he envisions Bitcoin (BTC) eventually being worth hundreds of thousands of dollars per coin as the […]
The post This Catalyst Could Trigger Bitcoin Explosion to a Six-Figure Price at Neck-Breaking Pace, Says Jack Mallers appeared first on The Daily Hodl.
United States-based users of Strike, a digital payments platform built on Bitcoin’s Lightning Network, can now transfer funds instantly and at a low cost to Kenya, Ghana, and Nigeria via the recently added new feature known as “Send Globally.” The new feature instantly converts the funds to local currencies prior to moving them to recipients’ […]
The CEO of Lightning Network wallet Strike says the payments platform is teaming up with point of sale giants Shopify, NCR and Blackhawk Network to revolutionize the payments industry. In a speech at the Bitcoin 2022 Conference in Miami, Jack Mallers announced that any Shopify-supporting website can now process Bitcoin (BTC) payments on the Lightning Network. “This […]
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Jack Mallers announced the new integration today at the Bitcoin 2022 conference and hopes to give more people access to what he sees as a better monetary system.
Chicago-based payment app Strike has integrated with global e-commerce giant Shopify so merchants can accept Bitcoin payments via the Bitcoin Lightning Network.
The Lightning Network (LN) is a Layer-2 scaling solution for Bitcoin designed to facilitate faster and cheaper transactions.
Strike CEO Jack Mallers revealed the new integration on stage at Miami's Bitcoin 2022 conference today. The move could allow Shopify’s almost two million global merchants to accept Bitcoin payments denominated in USD. However the only merchant partner cited in Strike's official release was Warren Lotas, an LA based streetwear brand — and that site was down at the time of writing.
Shopify is the world’s 18th largest ecommerce company with about $4.6 billion in annual revenue according to market research site Macrotrends. Its service enables merchants to set up an online store in 175 different countries.
“If I wanna walk into a whole foods, a McDonald's and use a different payment network, its this thing... As the merchant, you can receive in #BTC, take Starbucks points, I don't care." - Jack Mallers pic.twitter.com/6sW4U6cvaJ
— Bitcoin 2022 (@TheBitcoinConf) April 7, 2022
The Bitcoin 2022 official Twitter account stated the integration was already live and quoted Mallers chiding the modern payments system which started in 1949 with the Diners Club card:
“Any online merchant that uses Shopify can accept payments without the 1949 boomer network, receive it instantly, cash final, no intermediary no 3% fee.”
According to Mallers one of the main advantages to using Bitcoin via Lightning is that payments settle nearly instantly as opposed to the “late, two to 15 day settlement” he cited as a drawback of existing common electronic payment methods. He added that instant settlements help both consumers and merchants complete accounting work and know their exact balances faster.
Mallers also revealed Strike’s partnership with the Blackhawk payment network, reportedly the largest point of sale supplier in the world. The company draws $2.5 billion in annual revenue and its website states it has products at over 400,000 storefronts in 28 countries.
Related: Samson Mow introduces new nation-state adoption for crypto in Bitcoin 2022
Bitcoin 2022 is already a hotbed of buzz, not just for the Bitcoin ‘Miami Bull’ that was unveiled ahead of the opening events, but for Robinhood announcing the launch of its long-awaited crypto wallet to two million waitlisted clients. The wallet will also integrate LN.
The conference has not sparked a move in BTC price yet, as the largest crypto by market cap is up just 0.54% over the last 24 hours, trading at $43,594 according to Cointelegraph data.
Strike, a bitcoin-based wallet and exchange service, has landed in Argentina, bringing USDT integration to users in the country. Jack Mallers, CEO of Strike, explained that his objective for bringing the app to the country has to do with providing a platform for Argentinians to hold a stable value in cash. This value will be […]
Another pro athlete in the National Football League (NFL) is planning to convert some of his earnings into bitcoin. The 24-year-old running back for the New York Giants, Saquon Barkley, discussed converting his endorsement revenue into bitcoin during a recent interview with the Morgan Creek Digital co-founder Anthony Pompliano. Inflation Concerns Push Saquon Barkley Toward […]
Jack Mallers takes on Coinbase and its “asinine” trading fees.
Payments platform Strike has announced that it will allow U.S. customers to buy and sell Bitcoin with almost no trading fees from today.
In an announcement on July 1, Strike founder and CEO Jack Mallers launched a salvo at leading U.S. cryptocurrency exchange Coinbase, stating that his platform will set out to be the “cheapest and easiest place on the planet to acquire BTC."
The move also puts Strike in direct competition with Jack Dorsey’s Square and with PayPal, which started offering crypto assets within the platform to U.S. customers in November 2020.
The announcement stated that the firm has launched the “Bitcoin Tab” enabling the ability to buy Bitcoin on Strike with “no fee outside of the market spread.”
The Chicago-based payments firm stated that it would charge a maximum “execution cost” of around 0.3% for brokering BTC trades, looking to drop that to below 0.1% over the coming months as volume grows.
Popular trading app Robinhood also offers commission-free crypto trading in select states. More than 6 million new customers bought crypto on the platform within the first two months of 2021.
Mallers is taking aim directly at Coinbase with the move, labeling its excessive trading fees as “asinine”. He pointed out that Coinbase made $1.8 billion in revenue in the first quarter of 2021, with $771 million in profit, 94% of which coming from fees as high as 3%.
He was highly critical of the exchange’s free giveaways which award users with a couple of dollars worth of altcoins for watching videos.
“Make no mistake, when you buy Bitcoin on Coinbase, you are supporting shitcoins.”
Related: Coinbase could see fee compression in long term, CEO expects
There was also a dig at PayPal which he stated has also recently hiked fees across the board, and now charge sellers 3.49% + $0.49 to process crypto transactions.
Mallers added that the aim is to drive prices in the market as close to nothing as possible, which would be in keeping with Bitcoin’s ethos.
“Our mission is to secure financial freedom for all, and we won’t stop until we do so for all 8 billion people on the planet.”
As reported by Cointelegraph, Strike has entered into a partnership with the El Salvador government to assist with its Bitcoin adoption rollout.
At the Bitcoin 2021 conference in Miami, El Salvador’s president, Nayib Bukele, appeared via a Zoom presentation and noted that he plans to submit a bill next week that recognizes bitcoin as legal tender. Bukele revealed a partnership with the company Strike, a bitcoin payments firm launched by Jack Mallers. Progressive President Nayib Bukele Says […]
