By Shelly Melancon (Switzerland)
Cryptocurrency payment has assumed an unprecedented level of acceptance from traditional businesses and firms to the extent that various payment solutions are integrated to enhance the price of digital currency.
The ongoing Bitcoin Conference 2022 in Miami has brought in major breaking news regarding integrating digital payment for one of the world’s largest e-commerce giants, Shopify.
Shopify has grown to become a household name in e-commerce due to its widespread acceptance coupled with its massive client base, which keeps on increasing due to the exceptional service it provides to its customers.
Strike, the digital payment solutions provider, announced that its service had been integrated into the e-commerce payment system Shopify to allow millions of its clients to accept payment in Bitcoin.
According to Strike, the integration with the e-commerce giant is designed to provide merchants with ease of use and a convenient transaction experience. The integration will allow merchants all over the world to be able to receive payment in Bitcoins from their customers via the U.S. dollar.
How Customers Stand to Benefit
Customers would be able to save on transaction costs by using the final cash settlement system. Additionally, Shopify merchants would be able to diversify their payment alternatives to reach other customers around the globe.
To make the payment solution hitch-free, Strike uses the L-2 Lightning Network (LN) to convert BTC to fiat easily. By doing this, the possibility of price volatility is avoided.
Speaking on the benefits of the development, Jack Mallers, founder of Strike, believes that the partnership with Shopify is to help facilitate payment for merchants in an easy, fast, and safe manner. The platform is designed to accept dollars using top-notch Bitcoin technology that enhances speed and lowers transaction costs with improved financial inclusivity.
McDonald’s and Walmart Looking for Future Integration with Strike
At the ongoing Bitcoin Conference 2022, there have been rumors of extending the Strike integration to traditional business enterprises like Walmart and McDonald’s. Other established players in the manufacturing and service sectors within the United States are also planning to partner with Strike.
In announcing the new development, the founder of Strike took a swipe at the mainstream traditional financial service providers by adding that there is no better time to adopt a more superior payment solution than now. He said that persisting with the old ways of doing things is not transformational but circular.
As expected, Jack Dorsey, former CEO of Twitter, commended the move made by Strike, calling it an inspiration to the world of digital financial assets and a remarkable initiative.
However, other traditional players in the financial sector were not too keen on the effectiveness of the new payment solution as they believed that it would amount to nothing if it failed to surpass the trade volume recorded by the traditional financial service providers.
Meanwhile, notable businesses across the U.S. are keen on integrating the Strike payment solution system into their network to diversify the payment options on their platform.
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