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. The move comes as cross-border payments from the United States to Mexico are at record levels, with Mexico taking a record high $60 billion in remittances from the United States alone in 2022.
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 with no additional transaction fees. In a press release shared with Bitcoin Magazine, Strike founder and CEO Jack Malers stated, “We are 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 bitcoins, which are sent through the Lightning Network to an external partner. The partner then converts the bitcoin into the local currency and sends it directly to the recipient’s bank account. Strike has partnered with Relampago in Mexico to enable US dollar transfers to be received as the local currency in the recipient’s bank account.
Relampago CEO Emmanuel Joy expressed his pride in the partnership, saying, “By harnessing the Lightning Network, we provide instant, low-cost, cross-border payments and are transforming the financial landscape for millions of individuals in Latin America.”
Since its launch in December 2022, Strike Send Globally has expanded to more than 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 into Mexico demonstrates its commitment to providing accessible and efficient cross-border payment solutions. With remittances becoming increasingly important and the demand for faster and cheaper remittances, Strike’s innovative approach has the potential to positively impact millions of people in Mexico and other countries around the world.
