Strike introduces Bitcoin payment services in seven African countries
Strike, a payment application that focuses on Bitcoin, has made an exciting announcement about its expansion into Africa. The company, founded by CEO Jack Mallers, is launching its services in seven African countries: Gabon, Ivory Coast, Malawi, Nigeria, South Africa, Uganda, and Zambia. This is just the beginning, as Strike aims to extend its reach to more African markets in the future.
Strike, developed by Chicago-based startup Zap, is similar to popular mobile payment apps like Cash App or Venmo. However, it sets itself apart by utilizing blockchain technology for transactions. This means that users in these African countries will be able to buy and sell Bitcoin (BTC) and the dollar stablecoin USDT through the application. Additionally, Strike will provide local fiat currency on-ramps and off-ramps, as well as global payments via Bitcoin’s Lightning network. This network enables fast and low-cost transactions for transfers and cross-border payments.
The timing of Strike’s expansion into Africa is significant, as Bitcoin and stablecoins are gaining popularity in countries with high inflation rates and unstable financial systems, such as Argentina and Turkey. Nigeria, Africa’s largest market, has experienced a significant increase in crypto adoption as people look for digital assets to protect themselves against the devaluation of the local currency. The Nigerian naira has recently dropped by almost 50% against the U.S. dollar.
Strike’s decision to expand into Africa demonstrates the company’s belief in the continent as a fertile ground for financial innovation and economic freedom. Many African countries face challenges with high inflation rates and devaluing currencies, making it difficult for residents to save and build wealth.
This expansion follows Strike’s announcement last year about its plans to operate in over 65 countries, targeting not only Africa but also Latin America, Asia, and the Caribbean. In November, Strike made its services available globally, allowing users in over 35 countries to purchase BTC through its app, albeit with a 3.9% fee for non-U.S. customers.
In related news, Strike CEO Jack Mallers recently revealed that he has completely divested from the U.S. dollar, emphasizing his commitment to Bitcoin. Mallers, a strong advocate of Bitcoin, criticized U.S. monetary policies and expressed his belief in Bitcoin’s potential to counteract fiat debasement. He highlighted Bitcoin’s fixed supply and decentralized nature, aligning it with American values such as personal freedom, equal opportunity, and innovation.
The future looks promising for Strike as it continues to expand its services and reach across the globe.
