Strike, a leading digital payment platform that leverages the Bitcoin Lightning Network, has extended its global reach with the launch of the “Worldwide Transfer” service in the Philippines. The integration will enable speedy, secure, and economically feasible money transfers between the US and the Philippines, a country with one of the highest remittance rates globally. Each year, over $35 billion is remitted to the Philippines, with over a third of this amount originating from the US.

In collaboration with Pouch.ph, Strike has devised a seamless process for converting US dollars to Philippine pesos, which recipients can access through their bank or mobile money account.

The Lightning Network, which powers Strike, accelerates digital payments, making them cheaper and more accessible. It’s particularly beneficial in regions with a substantial unbanked population. With Worldwide Transfer, US dollars are transformed into bitcoin and swiftly sent via the Lightning Network to a partner organization in the recipient’s country. The funds are then converted into the local currency and transferred directly to the recipient’s bank or mobile account. This process alleviates concerns about bitcoin tax implications, dollar volatility, or custody implications.

Jack Mallers, founder and CEO of Strike, said, “Remittances systems have been flawed for a long time, and Strike introduces a revolutionary experience for individuals to send money globally, almost instantly. We are thrilled to join forces with Pouch.ph to foster financial inclusivity and bring speedy, cost-effective international payments via the Lightning Network to the Philippines. Our cutting-edge technology enables us to enhance the existing cross-border experience and involve those traditionally sidelined by outdated payment systems.”

Worldwide Transfer debuted in December 2022, enabling money transfers from the US to Nigeria, Kenya, and Ghana. CoinCorner also joined hands with Pouch.ph to facilitate remittances for its European clientele.

The amalgamation of Pouch.ph and Strike has upended the cross-border payment landscape, granting individuals greater power and convenience in sending money to family and friends back home. The Lightning Network is committed to expanding into more markets with more partners to improve payment services for communities worldwide.