Strike Expands Lightning Network-Powered Remittances to Philippines

The Philippines is one of the world’s largest remittance markets, at $35 billion, and Strike says it will use its service, powered by the Bitcoin blockchain's Lightning Network, to make the international payments faster and cheaper than available in the traditional financial system.

Digital payments firm Strike is expanding its international money transfer service that runs on Bitcoin’s Lightning Network to the Philippines, in a push to tap into the country’s $12 billion remittance market, one of the world’s largest.

The remittance service, Send Globally, will be available in the Philippines starting Tuesday, according to a press release. It runs on the Lightning Network, a “layer 2” scaling solution that enables cheaper and faster Bitcoin transactions. Funds sent via the service from abroad can be received as local currency in the recipient’s bank or mobile money account, according to the release.

Strike has made waves through its work with El Salvador to support bitcoin as legal tender in that Central American country. Now, its goal is to upend the traditional multi-billion-dollar remittance industry, which it says is plagued by high fees and slow processing times, by leveraging Lightning’s low-cost and near-instant payments.

“When you think cross-border, you don't think very fast, very cheap and very good experience,” Strike founder and CEO Jack Mallers said in an interview with CoinDesk. “We're using Bitcoin's Lightning Network under the hood to achieve some stuff that has never been possible before.”

Lightning Network growth.

Lightning analytics site, 1ML shows an increasingly vibrant network with over 16,000 nodes, more than 76,000 channels (connections between Lightning nodes) and a network capacity close to 5,300 BTC (roughly $122 million at the time of publication).

“Even a couple years ago, Lightning wasn't as developed,” Mallers explained. “A network is only as strong as its participants. The growth of the network has economies of scale and network effects that we've never seen before.”

According to the release, the Strike app converts dollars into bitcoin and sends a Lightning payment to a third-party partner in the recipient’s country. (Strike has partnered with Bitcoin payments firm Pouch.ph in the Philippines). The partner converts that bitcoin into local fiat currency and forwards the money to the recipient’s bank or mobile money account.

Mallers says all of this takes place outside of the view of users, shielding them from the complexity of bitcoin payments and removing any potential tax implications that could result from the sale and disposition of bitcoin.

“There's all sorts of tax consequences involved – if I wanted to remit money from here to the Philippines, I have to tell the IRS about it. That's ridiculous,” Maller said. “We use the properties of Lightning under the hood. So our users don't even know we're using it. They're just sending dollars and receiving pesos.”

Last month, Send Globally also launched in Nigeria, Kenya and Ghana.

“We have partners all over the world,” Mallers said, “because Lightning is this open payment network.”

UPDATE: Tuesday, January 31, 2022 15:34 UTC: Adds Lightning Network growth chart.

https://www.coindesk.com/tech/2023/01...

#crypto #bitcoin #ethereum #cryptocurrency #news #blockchain #litecoin #cryptonews #cryptonewstoday #cryptoworld #cryptoworlddaily #bitcoin #bitcoinnews #bitcoinnewstoday #lightningnetwork #lightningnetworknews #lightningnetworknewstoday #remittances #remittancesnews #remittancesnewstoday #philippines #philippinesnews #philippinesnewstoday #strike #strikenews #strikenewstoday

***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST ENTERTAINMENT! USE ALTCOIN DAILY AS A STARTING OFF POINT!

This information is what was found publicly on the internet. This information could’ve been doctored or misrepresented by the internet. All information is meant for public awareness and is public domain. This information is not intended to slander harm or defame any of the actors involved but to show what was said through their social media accounts. Please take this information and do your own research.

bitcoin, blockchain, crypto, cryptocurrency, altcoin, investment, ethereum, bitcoin crash, xrp, cardano, ripple