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Bitcoin-Focused Payments App Strike Rolls Out Services to Africa
"Many countries on the continent are grappling with high inflation rates and devaluing currencies, making it challenging for people to save and build wealth," the firm said in a blog post.
Updated Mar 8, 2024, 10:15âŻp.m. Published Feb 27, 2024, 8:45âŻp.m.
Bitcoin-focused payments application Strike is expanding its services to the African continent, Jack Mallers, the company's founder and CEO, announced in a blog post Tuesday.
"Today, we are launching Strike Africa, expanding our full suite of Bitcoin services into Gabon, Ivory Coast, Malawi, Nigeria, South Africa, Uganda and Zambia with more African markets to come in the future," the post reads.
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Strike, developed by the Chicago-based startup Zap, is a mobile payment application similar to Cash App or Venmo but uses blockchain tech to send and receive money. The company, which started off in the U.S. and El Salvador, announced plans last year to expand to more than 65 countries, pushing into new markets including not just Africa but also Latin America, Asia and the Caribbean.
Strike Africa will offer customers to buy and sell bitcoin and Tether's dollar stablecoin , local fiat currency on-ramps and off-ramps and global payments leveraging Bitcoin's Lightning network, allowing cheap and fast transactions for transfers and cross-border payments.
Bitcoin and stablecoins are increasingly in demand for savings and remittances in developing countries plagued by high inflation and fragile financial systems such as Argentina and Turkey.
Crypto adoption in Nigeria, the largest market in Africa, is particularly high as people are turning towards digital assets as a hedge against local currency devaluation. The Nigerian naira plummeted by almost 50% against the U.S. dollar this month.
Food prices have doubled in Nigeria
â Alex Gladstein đ ⥠(@gladstein) February 27, 2024
People are dying in rice stampedes
Fiat currency is broken https://t.co/ZV2sx0GbMB
Read more: Why Nigerians Aren't Turning to the eNaira Despite Crippling Cash Shortages
"Africa presents immense opportunities for financial innovation and economic freedom," Strike's blog post said. "Many countries on the continent are grappling with high inflation rates and devaluing currencies, making it challenging for people to save and build wealth."
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