Economic situation and tech-savvy community make Argentina an important market for building the bitcoin economy and advancing Strike’s mission of financial inclusion.
CHICAGO, January 11, 2022--(BUSINESS WIRE)--Strike, the world’s leading digital wallet built on Bitcoin’s Lightning Network, today announced its launch in Argentina, unleashing the power of Bitcoin for domestic and international use cases for people and businesses in a country that has one of the world’s highest adoption rates for cryptocurrencies.
"Argentina is one of the most exciting countries for building the Bitcoin economy, leveraging Bitcoin as both a superior asset and a superior payments network," said Jack Mallers, Strike Founder and CEO. "With our launch, Strike delivers a reliable and superior financial experience to a country that faces inflation, predatory payment networks, and unusable cross-border transfers. Utilizing Bitcoin and the Lightning Network, the Argentinian people can now hold a stable cash balance that can be spent both instantly and with no fees. This is a superior financial experience that legacy financial institutions have failed to deliver to the people of Argentina, further showcasing why Bitcoin is a superior monetary system that builds towards financial inclusion and helps re-instill basic human freedoms."
In addition to Argentina, Strike is available in most U.S. states and El Salvador, enabling users to receive money instantly and for no fee from any Bitcoin or Lightning Network-enabled wallet in the world. Strike also enables anyone with a Twitter account in those countries to receive Tips–and anyone in the world to send Tips–using a cheaper and faster global alternative to traditional bank or card networks.
Creating a Bitcoin Economy
Argentina is at the forefront of the Bitcoin revolution, with high user and business acceptance making it one of the countries with the highest levels of cryptocurrency adoption. Inflation is running at over 50% in the third largest economy in Latin America and the fourth largest by population, where over 40% of people live in poverty. Access to financial tools and services like Strike offers Argentinians an opportunity to preserve their wealth amidst the economic turmoil and create a Bitcoin economy that generates value for the entire community. For example, in towns like San Martin de Los Andes, there are already hundreds of Bitcoin and Lightning-enabled merchants and Bitcoin ATMs, where over 60% of its residents claim to be familiar with cryptocurrencies and 40% of businesses accept bitcoin. Residents of San Martin de Los Andes continue to benefit from opting out of the legacy payment rails where the card networks and traditional banks charge merchants more than 5% for every transaction.
Strike’s official launch in Argentina further advances Strike's mission of building a more connected financial world. Strike allows anyone in Argentina day one access to a wide range of use cases including instant and near-free remittance payments, accepting and sending bitcoin Tips on Twitter, and peer-to-peer transactions.
"Bitcoin is the first and only monetary network in human history that works everywhere and is open to everyone. It functions in New York, San Salvador, and Buenos Aires equally. Argentina is a big step forward, but our work is far from over. Bitcoin is a superior monetary network no matter where you are. We’ll continue expanding throughout all of Latin America and globally until everyone has reliable access to the world’s best monetary network."
Strike Latin American Expansion Underway
Argentina is part of Strike's plans for wider regional expansion in Latin America.
Strike has begun working with merchants, consumers, and individuals in Argentina, launching initial integrations and activations in San Martin de Los Andes. Since the launch in El Salvador less than one year ago, Strike has quadrupled its Latin American team to expand in Argentina, and it is targeting a continent-wide expansion of its team and of the app. Strike will continue to launch in more countries throughout the year, with a focus on Brazil, Colombia, and other Latin American markets and plans for other regions throughout the world.
Strike is available on the App Store and Google Play Store in Argentina.
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