By George Ward
The prominent Bitcoin payment firm and remittance app, Strike, has launched a USDT for payment settlements. This significant step for Strike follows its recent expansion into 65 more countries and introduces a revamped app design that now supports USDT, as revealed during the recently concluded Bitcoin 2023 event.
Strike Announces Support For Tether’s USDT
By bringing together the stability of USDT and the seamless payment solutions offered by Strike, the integration will tackle significant obstacles that have impeded the broader adoption of the cryptocurrency industry. One of the key challenges being addressed is the inherent volatility associated with cryptocurrency.
The strategic partnership between USDT and Strike aims to establish a dependable connection between the crypto realm and traditional financial systems. This collaboration also reduces exposure to the price fluctuations commonly experienced in the crypto market.
Tether made an official announcement on Monday, highlighting the enhanced functionality it offers to users. By leveraging its stablecoin as an intermediary, individuals can swiftly convert their digital assets into fiat currency, effectively overcoming the liquidity hurdles that have historically hindered the widespread adoption of cryptocurrency.
This feature provides users with a seamless and efficient solution to address liquidity challenges and further promote the acceptance of digital assets in retail transactions. Commenting on the recent development, Tether’s chief technology officer (CTO) Paolo Ardoino stated that the partnership between Tether and Strike is expected to impact the broad acceptance of digital currencies profoundly.
He added that it would be crucial in driving innovation and fostering a more inclusive financial ecosystem.
Strike Eyes Global Expansion
Strike unveiled its plans to expand its app’s availability to more than 65 countries, widening its reach beyond the United States and El Salvador. This expansion effectively extends Strike’s total addressable market to nearly 3 billion individuals.
Meanwhile, the payment platform’s 47 newly supported countries include Bhutan, Kenya, Ecuador, Brazil, Guatemala, Honduras, Paraguay, New Zealand, and Uganda. This expansion includes currently-serviced markets like Argentina, Kenya, Nigeria, and Ghana, emphasizing Strike’s commitment to global accessibility and inclusivity.
In January, Strike joined forces with Fiserv, a renowned fintech company, to facilitate the integration of Bitcoin’s lightning network into the point-of-sale terminal provider Clover. This partnership aimed to enhance the capabilities of the digital payments platform to offer seamless Bitcoin transactions through its infrastructure.
Furthermore, Strike made strides in expanding its reach by integrating with the e-commerce behemoth Shopify. This strategic move, implemented in November last year, empowered merchants to seamlessly accept Bitcoin payments like fiat.
Thus, it provides a streamlined and user-friendly experience for buyers and sellers. As a Bitcoin Lightening Network platform, Strike has been steadily offering payment solutions by including multiple crypto assets in both its on-ramp and off-ramps services.