The highly-anticipated European launch of the popular Bitcoin and Lightning Network payments app Strike was announced today, enabling eligible individuals and businesses in the region to buy, sell, send and withdraw bitcoin and to make local currency payments.
European Bitcoiners have long asked the company “Wen Europe?,” referring to when it might launch its services in the continent, to which founder and CEO Jack Mallers replied “Now!” in a statement shared with The Block. However, users in some European countries had already begun to notice Strike appearing on app stores ahead of the announcement.
The custodial iOS and Android app enables European users to buy bitcoin directly with free unlimited SEPA euro deposits from their bank account, instantly where supported, as well as schedule recurring purchases, according to the firm. The Single Euro Payments Area (SEPA) is a payment integration initiative of the European Union for simplification of bank transfers denominated in euros.
Customers can sell their bitcoin and similarly withdraw to their bank accounts, transfer to their self-custodial wallet, or make payments over the Bitcoin or Lightning Network without limits, the firm added.
Strike also offers “free” on-chain withdrawals, helping users to navigate high-fee periods of network congestion and designed to help support Bitcoin’s use at scale, according to the team. However, users must be flexible enough to accept aconfirmation time of around 24 hours, with faster on-chain transactions still requiring a sliding scale of fees.
Leveraging the Lightning Network
Lightning operates as a network of bi-directional payment channels on top of the Bitcoin blockchain, enabling fast and cost-effective micropayments.
All Strike customers have a Lightning Address, using the email-like format of username@strike.me, to simplify the process of receiving payments compared to more complex Lightning invoices.
Strike users can select whether to receive Lightning Address payments in bitcoin or euros — automatically converted for the latter. Similarly, senders can choose whether to send from their bitcoin or euro balances. Alternatively, users can issue zero-value Lightning invoices to receive any amount of bitcoin to their bitcoin or euro balances from other wallets using the app.
European users can also leverage Strike’s global peer-to-peer transfers via Lightning, allowing them to send from their euro balance to a friend’s Strike account instantly anywhere Strike is available, with the value received as bitcoin, euros (in Europe), U.S. dollars (in the U.S.) or USDT (in supported global regions).
Additionally, Strike’s “Send Globally” feature allows European users to make fast, low-cost local currency remittances to supported regions, including Africa (Benin, Ghana, Ivory Coast, Kenya, Nigeria, Rwanda, Senegal and Togo), Brazil, the Philippines, Mexico and Vietnam, using Bitcoin’s Lightning Network as a global payment rail under the hood.
Strike’s rapid expansion
U.S.-based Strike has expanded rapidly over the past year from Latin America to Africa, with its app now available in more than 70 countries.
“Bitcoin is reshaping the global financial landscape with its technological innovation, global interoperability, resilience, and unforgeable monetary policies. It transcends borders, enhances financial inclusion and solves some of the world’s most pressing challenges,” Mallers said.
“As the third-largest economy globally, and with over 440 million inhabitants, Europe presents vast opportunities for Bitcoin adoption. As a leading bitcoin-only app, we believe that Strike is uniquely positioned to meet the needs of millions seeking access to Bitcoin in Europe,” he added.
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