• Strike has partnered with Pouch.ph in the Philippines to expand its Send Globally product, enabling fast, secure, and low-cost money transfers from the U.S. to the Philippines.
• The Philippines is one of the world’s largest remittance markets, with over $35 billion sent annually, including $12 billion from the U.S.
• Strike is revolutionizing traditional cross-border payment services by leveraging the Lightning Network to make digital payments faster, cheaper, and more accessible.
Strike, the world-leading digital payments platform built on Bitcoin’s Lightning Network, recently announced the expansion of its Send Globally product to the Philippines. This expansion allows for fast, secure, and low-cost money transfers between the U.S. and the Philippines, revolutionizing traditional cross-border payment services.
Strike has partnered with Pouch.ph in the Philippines, enabling transfers from U.S. dollars that are received as Philippine pesos in a recipient’s bank or mobile money account in the Philippines. The Philippines is one of the world’s largest remittance markets and its people and economy rely on more than $35 billion annually in money sent from abroad, including more than $12 billion from the U.S. alone.
Jack Mallers, Founder and CEO of Strike, commented on the expansion, “Remittances are a broken system and Strike delivers an incredibly empowering experience for people to send money around the world in nearly an instant. We’re excited to partner with Pouch.ph to advance financial inclusion and bring fast, low-cost cross-border payments via the Lightning Network to the Philippines. Our technology allows us to both improve on the existing cross-border experience and include those that have previously been excluded by legacy payment rails.”
Strike is using the 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 Pouch.ph in the Philippines. The bitcoin is then converted into local currency and delivered to a recipient’s bank or mobile money account within minutes.
This expansion of Send Globally to the Philippines means that users can now send money from the U.S. to any bank account in the Philippines in a matter of minutes. This is a major improvement from traditional cross-border payment services, which can take days or even weeks to complete. Additionally, Strike’s fees are significantly lower than those of traditional remittance providers, making it a much more cost-effective way to send money abroad.
The expansion of Strike’s Send Globally product to the Philippines is a major step forward in revolutionizing the way people send money around the world. It provides a much faster, cheaper, and more secure way to send money across borders, and it has the potential to greatly improve the lives of millions of people in the Philippines who rely on remittances to survive.