Strike, the global money app, has announced the expansion of its payment service, “Send Globally,” to Mexico, the largest market for cross-border payments from the United States. This move comes as cross-border payments from the U.S. to Mexico reach historic highs, with Mexico receiving a record $60 billion in remittances from the U.S. alone in 2022.
By leveraging Bitcoin’s Lightning Network, Strike aims to provide a faster, cheaper and more accessible alternative to traditional money transfer providers in Mexico. With Send Globally, users will be able to enjoy instant payments to a Mexican bank account without added transaction fees. In a press release shared with Bitcoin Magazine, Jack Mallers, founder and CEO of Strike, stated, “We’re excited to bring fast, low-cost cross-border payments via the Lightning Network to Mexico, enabling more people to send money home.”
To facilitate these transfers, dollars are converted into bitcoin, which is sent via the Lightning Network to a third-party partner. The partner then converts the bitcoin into local currency and sends it directly to the recipient’s bank account. Strike has partnered with Relampago in Mexico to enable transfers from U.S. dollars that are received as local currency in a recipient’s bank account.
Immanuel Joy, CEO of Relampago, expressed pride in the partnership, stating, “By harnessing the Lightning Network, we enable instant, low-cost, cross-border payments and are transforming the financial landscape for millions of Latin American individuals.”
Since its launch in December 2022, Strike has expanded Send Globally to over a dozen countries, including the Philippines, Vietnam, Nigeria, and now Mexico. These countries are among the top 10 largest cross-border markets in the world.
Strike’s expansion of Send Globally to Mexico demonstrates its commitment to providing accessible and efficient cross-border payment solutions. With the rising importance of remittances and the demand for faster and cheaper transfers, Strike’s innovative approach has the potential to positively impact millions of people in Mexico and other countries around the world.