Strike has entered into a partnership with Shopify to facilitate Bitcoin-to-cash payments over the Lightning Network. The companies are working to add additional merchants to the network in the coming months.
The Strike-Shopify partnership will see Lightning Network convert Bitcoin payments coming through the Strike network into US dollars. Analysts say this will limit volatility in the price of digital currency. The integration includes offline merchants such as Walmart, McDonalds, and others across the United States. According to Macrotrends, Shopify is the world’s 18th largest e-commerce company. It has more than $4.6 billion in annual revenue. Shopify helps merchants set up an online store in 175 different countries.
Jack Mallers, Strike CEO, at the Bitcoin 2022 Conference highlighted Bitcoin as a solution to fees, transfer times, and settlement issues that plague the traditional financial system. Strike is a digital payments platform based on the Lightning network. It has moved to enable in-person transactions and is connected by the user’s Bitcoin wallet of preference. It had teamed up with Blackhawk and NCR to make such transactions possible.
Mallers believes that payment networks have not innovated in over 50-years, which is insane and ridiculous. He has been working with Senator Cynthia Lummis, a Bitcoiner, to make payment networks innovative. Mallers highlighted that traditional financial institutions are unwilling to meet the changing needs of consumers in an increasingly digital world. He believes there is no superior payments network that allows companies to innovate, build on financial inclusion, and offer cheaper faster services.
Mallers revealed that with Bitcoin via Lightning, payments settle nearly instantly, instead of the late, two to 15 days settlement, which exists in common electronic payment methods.