Digital Payment Provider Strike Enters Philippines
The Bitcoin-powered lightning network Strike has announced plans to expand to Philippine markets. The attempt aims at improving the global payment system since the Philippines ranks among the best countries with the largest remittance market. On Tuesday, January 31, Strike made it public that its popular remittance product, Send Globally, will be available in the Philippines. The newly launched product will provide a secure, cost-effective, and fast global payment transfer system.
Strike Enters Philippine Market
According to Statista, the Philippines received more than $35B from foreign countries last year. Further, it reveals that over $12B of cash remittance was obtained from the United States.
The increase in foreign money transfers positions the Philippines as a leading remittance market worldwide.
The suitability of the Philippines market compelled a layer-2 payment platform, Strike, to collaborate with the Philippine-based financial provider Pouch ph. The partnership aims at fast-tracking digital payments from the United States through the lightning network.
Also, the Strike payment platform will enable Philippine users to receive transactions from the US through the Philippine Pesos that would be channeled through bank or mobile money transfers.
How Will Strike Improve the Philippine Remittance Market?
A report from the Chief Executive of Strike Jack Mallers, dated January 31, confirmed that the Lightning Network has invested in expediting global money transfers to boost user experiences. Mallers restated that the Strike payment platform upholds inclusivity to countries with high numbers of unbanked individuals.
He acknowledged his partnership with Pouch ph would provide a financial solution to cross-border payment in the Philippines.
Afterward, Ethan Rose, the Chief Executive of Pouch ph, argued that outdated payment methods limit most transactions from the US. Rose assured the American Filipinos’ that the new Lightning Network would improve money transfers.
Strike Expanding Geographic Presence
Besides Strike’s presence in the Philippine market, the digital payment provider has made remarkable moves in El Salvador. The Strike has revolutionized El Salvador’s payment method to uphold Salvadoran President Nayib Bukele’s vision for Bitcoin as a legal tender.
Initially, Send Globally platform was established to streamline payments from the US to African countries such as Ghana, Kenya, and Nigeria. Strike’s purposeful efforts signaled a positive sign when the UK adopted the payment platform to send money to Africa.
Over the past, Strike has gained popularity in other fast-growing digital markets.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
