Strike Initiates Bitcoin Lightning Remittances to Mexico

Strike, a global money application, has revealed the expansion of its "Send Globally" payment service to Mexico, the largest recipient of cross-border payments from the United States. 

This development coincides with a historic peak in U.S. to Mexico remittances, with a record-breaking $60 billion sent from the U.S. to Mexico in 2022 alone.

Through the utilization of Bitcoin's Lightning Network, Strike intends to offer a faster, affordable, and accessible substitute to conventional money transfer services in Mexico. 

With the Send Globally feature, users will have the advantage of making immediate payments to a Mexican bank account without any additional transaction fees.

Founder and CEO of Strike Jack Mallers stated, "we're excited to bring fast, low-cost cross-border payments via the Lightning Network to Mexico, enabling more people to send money home."

In order to enable these transfers, dollars are first converted into Bitcoin, which is then sent through the Lightning Network to a collaborating third party. This partner subsequently converts the Bitcoin into the local currency before transferring it directly into the recipient's bank account. 

To facilitate this process in Mexico, Strike has teamed up with Relampago, in order to enable transfers from U.S. dollars to be received as local currency in the recipient's bank account.

CEO of Relampago Immanuel Joy explained that "by harnessing the Lightning Network, we enable instant, low-cost, cross-border payments and are transforming the financial landscape for millions of Latin American individuals."

Since its inception in December 2022, Strike has broadened the reach of Send Globally to more than twelve countries, with recent additions like the Philippines, Vietnam, Nigeria, and now Mexico. These countries are among the top ten biggest cross-border markets globally.