[ad_1]
Strike users in the US can now use Send Globally to send instant, low-cost remittances to loved ones in the Philippines.
Strike, the leading digital payments platform built on the Bitcoin Lightning Network, has announced the expansion of its “Send Globally” product to the Philippines. This will enable fast, secure and inexpensive money transfers between the US and the Philippines, which is one of the largest remittance markets in the world. The Philippines relies on more than $35 billion a year in money sent from abroad, with more than $12 billion coming from the US alone.
Strike has partnered with Pouch.ph to enable transfers from US dollars to Philippine pesos, which can be received in a bank or mobile money account in the Philippines.
Strike uses the Lightning Network to make digital payments faster, cheaper and more accessible, especially in countries with a high number of unbanked individuals. With Send Globally, dollars are converted to bitcoins, sent via the Lightning Network to a third-party partner in the recipient’s country, then converted into local currency and sent directly to the recipient’s bank or mobile money account. This eliminates the need for senders and receivers to worry about bitcoin’s tax treatment, dollar volatility, or custody implications.
“Remittance is a broken system and Strike provides a very empowering experience for people to send money around the world in almost an instant,” commented Jack Mallers, founder and CEO of Strike. “We are pleased to be partnering with Pouch.ph to advance financial inclusion and bring fast and low-cost cross-border payments through the Lightning Network to the Philippines. Our technology allows us to enhance existing cross-border experiences and include experiences that were previously excluded by legacy pay rails.”
Bitcoin Magazine was lucky enough to interview Mallers about the development, which can be seen below:
Send Globally launched in December 2022 starting with transfers from the US to Nigeria, Kenya and Ghana. CoinCorner has also partnered with Pouch.ph to enable remittances for European customers.
With the integration of Pouch.ph and Strike, the cross-border payment experience has been revolutionized and further empowers people to easily send money to their loved ones back home. Lightning will continue to expand into more markets with more partners to provide better payment services to people around the world.
[ad_2]
Source link