1 min read
The new integration was announced by Jack Mallers today at the Bitcoin 2022 conference, which he hopes will give more people access to what he believes is a superior monetary system.
Strike, a Chicago-based payment application, has teamed up with global e-commerce giant Shopify so that merchants can accept Bitcoin (BTC) payments using the Bitcoin Lightning Network.
Lightning Network (LN) facilitates faster and cheaper transactions by scaling Bitcoin on the layer-2 level.
The new integration was announced by Strike CEO Jack Mallers at Miami’s Bitcoin 2022 conference on Thursday. With this move, Shopify’s almost two million merchants may be able to accept bitcoin payments in United States dollars. As of the time of this writing, Strike’s only merchant partner was an LA-based streetwear brand, Warren Lotas, and the site was down.
According to market research site Macrotrends, Shopify is the 18th largest e-commerce company in the world. Merchants can take advantage of its service to set up online stores in 175 countries.
“If I wanna walk into a whole foods, a McDonald’s and use a different payment network, its this thing… As the merchant, you can receive in #BTC, take Starbucks points, I don’t care.” – Jack Mallers
A tweet from the Bitcoin 2022 official Twitter account stated that the integration was already live and quoted Mallers criticizing the modern payments system, which began in 1949 with the Diners Club card:
“Any online merchant that uses Shopify can accept payments without the 1949 boomer network, receive it instantly, cash final, no intermediary no 3% fee.”
For Mallers, one of the main advantages of Lightning is the near immediate settlement of payments, rather than the “long, two-to-fifteen day settlement” he cited as a disadvantage of existing common electronic payment methods. According to him, instant settlements allow consumers and merchants to complete accounting work and find out their exact balances faster.
In addition, Mallers revealed Strike’s partnership with the Blackhawk payment network, reportedly the largest point-of-sale provider in the world. There are over 400,000 storefronts in 28 countries where the company sells its products. It generates an annual revenue of $2.5 billion.
In addition to the Bitcoin Miami Bull, which was unveiled before the opening events, Robinhood recently announced that it is launching its long-awaited crypto wallet for two million waitlisted clients. The wallet will also integrate Lightning (LN).
Although the material contained in this article was prepared based on information from public and private sources that tokenwell24-7 believes to be reliable, no representation, warranty or undertaking, stated or implied, is given as to the accuracy of the information contained herein, and tokenwell24-7 expressly disclaims any liability for the accuracy and completeness of the information contained in this article.
Redirecting in 10 seconds
Close
