{"id":603277,"date":"2023-01-31T19:49:42","date_gmt":"2023-02-01T01:49:42","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/01\/31\/strike-expands-lightning-powered-remittances-to-philippines\/"},"modified":"2023-01-31T19:49:42","modified_gmt":"2023-02-01T01:49:42","slug":"strike-expands-lightning-powered-remittances-to-philippines","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/01\/31\/strike-expands-lightning-powered-remittances-to-philippines\/","title":{"rendered":"Strike Expands Lightning-Powered Remittances to Philippines"},"content":{"rendered":"
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Frederick Munawa is a Technology Reporter for Coindesk. He covers blockchain protocols with a specific focus on bitcoin and bitcoin-adjacent networks.\n<\/p>\n<\/div>\n<\/div>\n

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Digital payments firm Strike<\/a> is expanding its international money transfer service that runs on Bitcoin\u2019s Lightning Network to the Philippines, in a push to tap into the country\u2019s $12 billion<\/a> remittance market, one of the world\u2019s largest.<\/p>\n<\/div>\n

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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 \u201clayer 2\u201d 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\u2019s bank or mobile money account, according to the release.<\/p>\n<\/div>\n

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Strike’s Send Globally feature (strike.me)<\/p>\n<\/figcaption><\/figure>\n<\/div>\n

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Strike has made waves through its work with El Salvador to support bitcoin<\/a> as legal tender in that Central American country. Now<\/a>, 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\u2019s low-cost and near-instant payments.<\/p>\n<\/div>\n

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\u201cWhen you think cross-border, you don’t think very fast, very cheap and very good experience,\u201d Strike founder and CEO Jack Mallers said in an interview with CoinDesk. \u201cWe’re using Bitcoin’s Lightning Network under the hood to achieve some stuff that has never been possible before.\u201d<\/p>\n<\/div>\n

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Lightning Network growth<\/h2>\n<\/p>\n<\/div>\n
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Lightning analytics site, 1ML<\/a> 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).<\/p>\n<\/div>\n

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\u201cEven a couple years ago, Lightning wasn’t as developed,\u201d Mallers explained. \u201cA 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.\u201d<\/p>\n<\/div>\n

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According to the release, the Strike app converts dollars into bitcoin and sends a Lightning payment to a third-party partner in the recipient\u2019s country. (Strike has partnered with Bitcoin payments firm Pouch.ph<\/a> in the Philippines). The partner converts that bitcoin into local fiat currency and forwards the money to the recipient\u2019s bank or mobile money account.<\/p>\n<\/div>\n

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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.<\/p>\n<\/div>\n

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\u201cThere’s all sorts of tax consequences involved \u2013 if I wanted to remit money from here to the Philippines, I have to tell the IRS about it. That’s ridiculous,\u201d Maller said. \u201cWe 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.\u201d<\/p>\n<\/div>\n

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Last month, Send Globally also launched in Nigeria, Kenya and Ghana.<\/p>\n<\/div>\n

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\u201cWe have partners all over the world,\u201d Mallers said, \u201cbecause Lightning is this open payment network.\u201d<\/p>\n<\/div>\n

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UPDATE: Tuesday, January 31, 2022 15:34 UTC: <\/b><\/i>Adds Lightning Network growth chart.<\/i><\/p>\n<\/div>\n<\/div>\n

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Frederick Munawa is a Technology Reporter for Coindesk. He covers blockchain protocols with a specific focus on bitcoin and bitcoin-adjacent networks.\n<\/p>\n<\/div>\n<\/div>\n

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Learn more about Consensus 2023<\/a>, CoinDesk\u2019s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com <\/a>to register and buy your pass now.<\/p>\n

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Frederick Munawa is a Technology Reporter for Coindesk. He covers blockchain protocols with a specific focus on bitcoin and bitcoin-adjacent networks.\n<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n

Read More<\/a>
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Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.Frederick Munawa is a Technology Reporter for Coindesk. He covers blockchain protocols with a specific focus on bitcoin and bitcoin-adjacent networks. Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.Digital payments firm Strike<\/p>\n","protected":false},"author":1,"featured_media":603278,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4352,1384],"tags":[],"class_list":{"0":"post-603277","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-expands","8":"category-strike"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/603277","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=603277"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/603277\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/603278"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=603277"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=603277"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=603277"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}