{"id":294127,"date":"2023-01-31T19:04:02","date_gmt":"2023-01-31T19:04:02","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=294127"},"modified":"2023-01-31T19:10:58","modified_gmt":"2023-01-31T19:10:58","slug":"lighting-network-provider-strike-expands-to-philippines","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/lighting-network-provider-strike-expands-to-philippines\/","title":{"rendered":"Lighting network provider Strike expands to Philippines"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Send Globally, a remittance service on Bitcoin Layer 2 scaling solution provider Strike Lighting Network, will be available in the Philippines starting Jan. 31.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The country has a remittance market of $35 billion, which is one of the world\u2019s largest.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Strike has partnered with Bitcoin payments firm Pouch.ph in the Philippines to deliver its Lighting Network. Any money sent using the service can be received in the Philippine Peso, allowing it to then enter the recipient\u2019s bank or mobile money account with relative ease.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Founded by Jack Mallers in 2019, Strike is an API used by merchants to accept payments from customers globally. The Philippines is only the fourth country to accept the system, which is currently available in the U.S. (excluding Hawaii, New York and South Dakota), El Salvador and Argentina.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Powered by the Bitcoin blockchain's Lightning Network, Strike rose to prominence on the heels of El Salvadoran President Nayib Bukele commitment at the Bitcoin 2021 conference in Miami, which allowed his country to start accepting payments in Bitcoin via the Strike network, in the hopes also of aiding with remittances.\u00a0<\/span><\/p>\n<blockquote><p>\u00a0\u201cStrike takes advantage of Bitcoin's open payment network to provide customers with the first world wide peer-to-peer payments software and a cutting-edge neobanking experience that is native to Bitcoin.&#8221;<\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">In 2021, Filipinos working in the United States <\/span><a href=\"https:\/\/www.statista.com\/statistics\/1071134\/philippines-value-cash-remittances-overseas-filipino-workers-usa\/\"><span style=\"font-weight: 400;\">sent around 12.7 billion<\/span><\/a><span style=\"font-weight: 400;\"> U.S. dollars in cash remittances to the Philippines. Cash remittances sent to the Philippines from the U.S. have gradually increased over the years.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Studies have shown that the remittance industry worldwide is plagued by high fees and slow processing times. In an interview with <em>CoinDesk<\/em>, Mallers said he hopes to also launch in countries like Nigeria, Kenya and Ghana soon, too.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In Nigeria, a significant BTC premium took hold this week amid demonetization efforts in the country\u2019s central bank led many to flee to crypto, <\/span><a href=\"https:\/\/cryptoslate.com\/bitcoin-premium-in-nigeria-tops-164-amid-demonetization\/\"><span style=\"font-weight: 400;\">with local peer-to-peer traders selling BTC at prices as high as $62.499 on LocalBitcoins<\/span><\/a><span style=\"font-weight: 400;\">, 163.77% above the current BTC price of $23,694.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Mallers also said he was nonplussed about tax concerns in the US. \u201cThere's all sorts of tax consequences involved \u2013 if I wanted to remit money from here to the Philippines, I have to tell the IRS about it. That's ridiculous,\u201d Maller told <em>CoinDesk<\/em>. \u201cWe use the properties of Lightning under the hood. So our users don't even know we're using it. They're just sending dollars and receiving pesos.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Send Globally, a remittance service on Bitcoin Layer 2 scaling solution provider Strike Lighting Network, will be available in the Philippines starting Jan. 31. The country has a remittance market of $35 billion, which is one of the world\u2019s largest.\u00a0 Strike has partnered with Bitcoin payments firm Pouch.ph in the Philippines to deliver its Lighting [&hellip;]<\/p>\n","protected":false},"author":1406,"featured_media":294135,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,77497],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Lighting network provider Strike expands to Philippines<\/title>\n<meta name=\"description\" content=\"The Philippines, with a remittance market of $35 billion, is one of the world\u2019s largest.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/lighting-network-provider-strike-expands-to-philippines\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lighting network provider Strike expands to Philippines\" \/>\n<meta property=\"og:description\" content=\"The Philippines, with a remittance market of $35 billion, is one of the world\u2019s largest.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/lighting-network-provider-strike-expands-to-philippines\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-31T19:04:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-31T19:10:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/01\/strike-philippines.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Dorian Batycka\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dorian Batycka\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/lighting-network-provider-strike-expands-to-philippines\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/lighting-network-provider-strike-expands-to-philippines\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/dorian-batycka\/#person\",\"name\":\"Dorian Batycka\",\"url\":\"https:\/\/cryptoslate.com\/author\/dorian-batycka\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/dorian-batycka\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/dorian-batycka\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/01\/dorian-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/01\/dorian-author-300x300.jpg\",\"caption\":\"Dorian Batycka\"},\"jobTitle\":\"Contributor\",\"description\":\"Dorian Batycka is a journalist interested in art and technology. 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