Announcing Strike Global

  • Has partnered with Bittrex Global and will be launching in over 200 countries.
  • Has added support for USDT, USDC, EUR, GBP, CHF, and more.
  • Will be onboarding all 1M+ Bittrex users onto Strike and Lightning.
  • Will have the Strike Card available in the US Q1 2021.
  • Will have the Strike Card available in the EU and UK Q2 2021.

The Story

Making payments across borders is one of humanity’s most ancient and outdated technologies, with execution times ranging from 3–14 days and fees reaching upwards of 25%. In the thousands of years humans have exchanged value across borders, not a lot has changed, that is until now. Let’s take a look at the current landscape of major international payment networks, how they operate, why they’re flawed, and how Bitcoin + Lightning + Strike has changed the game forever.

SWIFT

For almost 50 years, the majority of international transfers have been processed by the Society for Worldwide Interbank Financial Telecommunication, also known as SWIFT. SWIFT simply provides a network that enables parties worldwide to send and receive information about financial transactions. In 2019, more than 11,000 financial institutions sent over 30,000,000 payments per day via the SWIFT network. Today, over 50% of existing international transfers are done via the SWIFT network. However, 50+ years after its inception, SWIFT remains one of the more expensive ways to transfer funds internationally and settlement times still range from days to weeks.

TransferWise

TransferWise is the latest innovation in international fund transfers, with a slightly different approach. TransferWise decided that actually moving physical value was the problem, and the intermediaries required to do so made it expensive and slow. The solution? Never actually move any money at all. Instead, the TransferWise network nets your balance against others around the world on their network.

Strike

TransferWise actually had it right; the friction and cost of sending international fund transfers are caused by settling and clearing physical value, this much we do know. The question then becomes how can we achieve instant global fund transfer at any time with no cost? With over 100 currencies spanning over 200 countries, it seems nearly impossible.

  • Variable cost to achieve transaction finality.
  • Variable time to achieve transaction finality.
  • Must use bitcoin the asset on the Bitcoin network.
  • V̶a̶r̶i̶a̶b̶l̶e̶ ̶c̶o̶s̶t̶ ̶t̶o̶ ̶a̶c̶h̶i̶e̶v̶e̶ ̶t̶r̶a̶n̶s̶a̶c̶t̶i̶o̶n̶ ̶f̶i̶n̶a̶l̶i̶t̶y̶.̶
  • V̶a̶r̶i̶a̶b̶l̶e̶ ̶t̶i̶m̶e̶ ̶t̶o̶ ̶a̶c̶h̶i̶e̶v̶e̶ ̶t̶r̶a̶n̶s̶a̶c̶t̶i̶o̶n̶ ̶f̶i̶n̶a̶l̶i̶t̶y̶.̶
  • Must use bitcoin the asset on the Bitcoin network.
  • V̶a̶r̶i̶a̶b̶l̶e̶ ̶c̶o̶s̶t̶ ̶t̶o̶ ̶s̶e̶n̶d̶ ̶a̶ ̶p̶a̶y̶m̶e̶n̶t̶.̶
  • ̶V̶a̶r̶i̶a̶b̶l̶e̶ ̶t̶i̶m̶e̶ ̶t̶o̶ ̶a̶c̶h̶i̶e̶v̶e̶ ̶t̶r̶a̶n̶s̶a̶c̶t̶i̶o̶n̶ ̶f̶i̶n̶a̶l̶i̶t̶y̶.̶
  • ̶M̶u̶s̶t̶ ̶u̶s̶e̶ ̶b̶i̶t̶c̶o̶i̶n̶ ̶t̶h̶e̶ ̶a̶s̶s̶e̶t̶ ̶o̶n̶ ̶t̶h̶e̶ ̶B̶i̶t̶c̶o̶i̶n̶ ̶n̶e̶t̶w̶o̶r̶k̶.̶

How Strike Global Works

The world now has an open network that offers real-time, cheap, global settlement and self-clearing to the world’s first natively digital asset class. We’ve put in the work to make this network interoperable with legacy fiat. The result ties everyone on the planet together, making any payment anywhere at any time as easy as sending a text.

  • When I initiate the $1,000 payment, Strike debits my existing USD balance.
  • Strike then automatically converts my $1,000 to bitcoins ready for use in its infrastructure using its real-time automated risk management and trading infrastructure.
  • Strike then moves the bitcoins across the Atlantic Ocean where it arrives in one of our many European infrastructure pieces in less than a second and for no cost.
  • Strike then takes the bitcoins and automatically converts them back into Euros using its real-time automated risk management and trading infrastructure.
  • Strike then credits the existing user with the Euros to their Strike account.
  • A BTC/USD BUY (from the sender’s USD to BTC)
  • A BTC/EUR SELL (from the BTC to the receiver’s EUR)

User Story

To hammer the point home, I want to preview the BETA pilot we are launching in El Salvador, a small country in Central America, to show the true power of Strike and one of the many ways it will change the world as we know it.

  • When I initiate the $1,000 payment, Strike debits my existing USD balance.
  • Strike then automatically converts my $1,000 to bitcoins ready for use in its infrastructure using its real-time automated risk management and trading infrastructure.
  • Strike then moves the bitcoins across the Gulf of Mexico where it arrives in our Central American infrastructure in less than a second and for no cost.
  • Strike then takes the bitcoins and automatically converts them back into USDT (synthetic digital dollar known as Tether) using its real-time automated risk management and trading infrastructure.
  • Strike then credits the existing user with the USDT to their Strike account.
  • El Salvador user requests to sell $100 worth of Bitcoin from Bitcoin ATM.
  • El Salvador user scans the Bitcoin ATM QR code with their Strike app.
  • Strike debits their Tether balance and converts it to bitcoin using its real-time automated risk management and trading infrastructure.
  • Strike then sends the bitcoin to the desired Bitcoin ATM address.
  • The ATM receives the bitcoin and issues the user their local fiat currency.
  • Access to synthetic and digital USD.
  • Access to P2P payments.
  • Access to free and instant international money transfers anywhere in the world at any time.
  • Access to bitcoin.
  • Neo-bank Account
  • All from your phone.

What’s Next

Today, the way we interact and are connected changes. Using the open networks that are Bitcoin and Lightning, we have done the real-time and automated risk management, trading, compliance, legal, policy, application and protocol development to flip the world on its head. However, rolling this out responsibly to millions of you will take time, so here is the plan.

  • Private BETA testing with USDT, USDC, EUR, GBP, CHF.
  • Public BETA with USDT, USDC, EUR, GBP, CHF.
  • Onboard 1M+ Bittrex users onto Strike and the Lightning network.
  • Issue Strike cards in the US.
  • Issue Strike Cards to our European and UK users.
  • Add more fiat currency pairs.
  • Bitcoin-native neo-bank
  • Instant and free international fund transfers
  • Partnerships with the biggest exchanges in the space and companies in the world (Bittrex, CMT, VISA)
  • Support in hundreds of countries
  • Major fiat currency support
  • Stablecoin support
  • Strike Card
  • Strike Payday

Thanks

Ok, everyone, that’s all I have for now. I’ve never been prouder and more excited for a technology, community, and team. Today feels special, because it is.

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