• Strike has expanded its “Send Globally” product to the Philippines, allowing for fast, secure, and low-cost money transfers between the U.S. and the Philippines.
• The Philippines is one of the world’s largest remittance markets and relies on more than $35 billion annually in money sent from abroad, including more than $12 billion from the U.S.
• The technology used by Strike enables improved cross-border experience and financial inclusion for those who have been excluded by legacy payment rails.
Today, Strike, the world’s leading digital payments platform built on Bitcoin’s Lightning Network, announced the expansion of its “Send Globally” product to the Philippines. This new product provides fast, secure, and low-cost money transfers between the U.S. and the Philippines, revolutionizing traditional cross-border payment services.
The Philippines is one of the world’s largest remittance markets and its people and economy rely on more than $35 billion annually in money sent from abroad, including more than $12 billion from the U.S. alone. To support this, Strike has partnered with Pouch.ph in the Philippines, enabling transfers from U.S. dollars that are received as Philippine pesos in a recipient’s bank or mobile money account in the Philippines.
Jack Mallers, Founder and CEO of Strike, commented: “Remittances are a broken system and Strike delivers an incredibly empowering experience for people to send money around the world in nearly an instant. We’re excited to partner with Pouch.ph to advance financial inclusion and bring fast, low-cost cross-border payments via the Lightning Network to the Philippines. Our technology allows us to both improve on the existing cross-border experience and include those that have previously been excluded by legacy payment rails.”
Strike uses the Lightning Network to make digital payments faster, cheaper, and more accessible for people globally, particularly in countries with a high number of unbanked individuals. The “Send Globally” product allows dollars to be converted into bitcoin, which is sent to the recipient in the Philippines. The recipient then receives the funds in their bank or mobile money account in Philippine pesos.
The expansion of Strike’s “Send Globally” product to the Philippines is a major milestone in the company’s mission to revolutionize digital payments. The product will enable people to send money quickly, securely, and at a low cost, making cross-border payments easier and more efficient than ever before. The expansion will also help to drive financial inclusion, allowing those who have previously been excluded from legacy payment rails to access this technology and benefit from its services.