Strike Brings Lightning-Fast Money Transfers from the U.S. to Vietnam
CHICAGO, March 23, 2023--(BUSINESS WIRE)--Strike, the world’s leading digital payments platform built on Bitcoin’s Lightning Network, today announced the launch of fast, secure, and low-cost money transfers from the U.S. to Vietnam, further expanding its revolutionary cross-border payment service.
Strike has partnered with Getbit to enable lightning-fast transfers from U.S. dollars that are received as local currency in a recipient's bank account in Vietnam, providing a low-cost and more efficient alternative to traditional remittance providers. Vietnam is among the top ten largest receiving remittance markets from the U.S. In 2021, the country received more than $18 billion in remittances.
Since its launch in December 2022, Strike’s "Send Globally" feature has quickly expanded to bring access to better payments to people in Ghana, Nigeria, Kenya, the Philippines, and now Vietnam. As of today, over 500 million people have access to this innovative cross-border payments option.
"We believe that everyone should have access to fast, easy, and low-cost payment services," said Jack Mallers, Founder and CEO of Strike. "Millions of people rely on the ability to send money home and support their relatives in Vietnam. We’re thrilled to partner with Getbit to revolutionize cross-border payments via the Lightning Network and deliver a seamless and affordable experience for all. We’re proud to continue working to advance financial innovation and inclusion for everyone."
Strike uses Bitcoin’s Lightning Network to make digital payments faster, cheaper, and more accessible for people globally. With Send Globally, dollars are converted into bitcoin and sent via the Lightning Network to a third-party partner. That partner converts the bitcoin into local currency, and sends the local currency directly to the recipient’s bank. This way, the sender doesn’t have exposure to bitcoin or worry about bitcoin’s tax treatment or volatility, and the recipient simply receives their local currency directly into their account.
"Sending money between the U.S. and Vietnam has historically been slow and expensive, making it a challenging experience for many people," said Abhay Agarwal, Founder and CEO of Getbit. "We’re excited to collaborate with Strike to empower people to make fast, secure, and efficient transactions powered by the Lightning Network. Getbit’s integration with Strike enables Vietnamese-American families to stay connected and support their loved ones back home with ease. We're thrilled to play a role in building a more inclusive experience and shaping the future of payments."
Strike has been rapidly expanding its Send Globally feature to enable transfers to more markets in an effort to make cross-border payments more accessible, particularly in countries where many people rely on remittances. Strike is planning to add a number of new markets over the course of the year.
Strike enables cheaper, faster, global, cash-final payments for both businesses and consumers. Strike is built on top of the Bitcoin network – the largest global, interoperable, and open payments standard. Strike believes that open payment networks enable universal participation in the financial system, with truly borderless money transfers, cheaper payment processing, and new payment experiences previously impossible with legacy technology.
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