On Thursday (March 23), Jack Mallers, the founder and CEO of Zap Solutions, a Bitcoin payments start-up that uses the Lightning Network, announced that the company’s platform, Strike, now enables fast direct transfers of U.S. dollars to bank accounts in Vietnam. This move is in partnership with Getbit, a financial technology company specializing in remittances.
According to Strike’s press release, the collaboration between Strike and Getbit will enable swift transfers from U.S. dollars to local currency in recipients’ bank accounts in Vietnam. This offers a cost-effective and efficient alternative to traditional remittance providers in one of the top ten largest remittance-receiving markets from the U.S. In 2021 alone, Vietnam received over $18 billion in remittances.
Strike’s “Send Globally” feature, launched on December 6, 2022, has rapidly expanded its reach, providing improved payment access to people in countries such as Ghana, Nigeria, Kenya, and the Philippines. With the addition of Vietnam, more than 500 million people can access this innovative cross-border payments solution.
Jack Mallers, Founder and CEO of Strike, commented on the expansion, saying, “Millions of people rely on the ability to send money home and support their relatives in Vietnam. We’re thrilled to partner with Getbit to revolutionize cross-border payments via the Lightning Network and deliver a seamless and affordable experience for all. We’re proud to continue working to advance financial innovation and inclusion for everyone.”
By leveraging Bitcoin’s Lightning Network, Strike enables faster, cheaper, and more accessible digital payments globally. The Send Globally feature converts dollars into Bitcoin, which are then sent via the Lightning Network to a third-party partner. The partner subsequently converts the Bitcoin into local currency and sends it directly to the recipient’s bank, ensuring minimal exposure to Bitcoin’s tax treatment or volatility.
Abhay Agarwal, Founder and CEO of Getbit, highlighted the benefits of the partnership, stating, “Sending money between the U.S. and Vietnam has historically been slow and expensive, making it a challenging experience for many people. We’re excited to collaborate with Strike to empower people to make fast, secure, and efficient transactions powered by the Lightning Network.”
Strike plans to expand its Send Globally feature further to additional markets throughout the year, aiming to make cross-border payments more accessible, especially in countries where remittances play a significant role.
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Featured Image via Pixabay
