Strike, the world’s leading digital payments platform built on Bitcoin’s Lightning Network, today announced the expansion of “Send Globally” to Guatemala, bringing its revolutionary cross-border payment service to Latin America.
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Strike, the world’s leading digital payments platform built on Bitcoin’s Lightning Network, today announced the expansion of its “Send Globally” product to Guatemala. (Photo: Business Wire)
In 2022, Latin America and the Caribbean received more than $140 billion in cross-border payments. U.S.-Guatemala is one of the world’s largest remittance corridors and its people and economy rely on more than $18 billion annually in money sent from abroad, with a large proportion originating from the U.S.
Strike has partnered with Osmo in Guatemala to enable transfers from U.S. dollars that are received as local currency in a recipient's bank account or Osmo wallet, offering a fast, low-cost and secure alternative to traditional remittance providers. While the majority of Guatemalan residents own a smartphone, an average of 60% of adults do not have a bank account. By providing Osmo customers the option to cash out their Bitcoin balance at over 8,000 participating retail locations, as well as use it to pay at over 250 in-store and online merchants, the partnership makes an important contribution to expanding financial access in the country.
“Traditional cross-border payment services are not built with financial inclusion in mind,” said Jack Mallers, Founder and CEO of Strike. “We believe that everyone should have access to inclusive and equitable payments. We’re excited to partner with Osmo to bring fast, secure, and low-cost cross-border payments via the Lightning Network to Guatemala and serve millions of people who have previously been excluded by legacy payment rails.”
Strike uses Bitcoin’s Lightning Network to make digital payments faster, cheaper, and more accessible for people globally, particularly in countries with a high number of unbanked individuals. With Send Globally, dollars are converted into bitcoin, which is sent via the Lightning Network to a third-party partner operating in the recipient’s country. That partner converts the bitcoin into local currency, which is sent directly to the recipient’s bank, wallet, or mobile money account depending on the payment methods available. This way, the sender doesn’t have to worry about bitcoin’s tax treatment or volatility, and the recipient simply receives local currency directly into their account.
"We are incredibly proud to partner with Strike to continue creating a borderless and accessible financial system that serves everyone," said Piero Coen, Founder and CEO of Osmo. “We're confident that our partnership will further drive our mission of delivering financial inclusion and empowering underserved communities in Guatemala."
Since launching the feature in December 2022, Strike has quickly expanded Send Globally to 11 countries including the Philippines, Vietnam, Nigeria, and now Guatemala, which are among the top 10 largest remittance markets.
About Strike
Strike enables cheaper and faster global payments for both businesses and consumers. Strike is built on top of the Bitcoin network – the largest global, interoperable, and open payments standard. Strike believes that open payment networks enable universal participation in the financial system, with truly borderless money transfers, cheaper payment processing, and new payment experiences previously impossible with legacy technology.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230425005741/en/
Contacts
Lavinia Chirico
press@strike.me
