Strike Launches Operations in the UK, Expands Global Reach
Bitcoin payments app Strike has announced the launch of its operations in the United Kingdom.
The company revealed this expansion in a blog post on Tuesday, marking another milestone in its rapid global expansion following its recent launches in Europe and Africa.
Customers in the UK can now leverage the Strike app to buy, sell, and withdraw funds.
The platform enables users to seamlessly transact in both Bitcoin (BTC) and sterling, offering a convenient and versatile payment experience.
Strike Expands Global Reach
With a presence in over 100 countries and territories worldwide, Strike has been actively expanding its reach.
Having already established itself in Europe in April and entered the African market earlier in the year, the company is now venturing into the UK market.
While some cryptocurrency companies have scaled back their operations in the UK, Strike is doubling down on its commitment to promoting global Bitcoin adoption and further expanding its presence.
With a population of 67 million and as the sixth-largest economy globally, the UK presents “significant opportunities for Bitcoin adoption,” CEO Jack Mallers said.
“We’re excited to introduce our services in the UK, featuring a beautifully-designed Bitcoin app that delivers all of Strike’s features while complying with local regulations for bitcoin and “cryptocurrency” companies.”
Strike 🤝 UK 🇬🇧 https://t.co/IOnQtwfLFM
— Strike (@Strike) June 25, 2024
To ensure compliance with regulatory requirements concerning cryptocurrency promotions, Strike will serve its clients on a cross-border basis from its European base.
The company has partnered with Engelbert, a Financial Conduct Authority-registered firm, to ensure adherence to regulatory standards.
Developed by the Chicago-based startup Zap Solutions, Strike provides users with a global money transfer solution akin to popular platforms like Cash App or PayPal.
Since its launch in the United States in 2020, the app has leveraged Bitcoin’s Lightning Network to facilitate faster and more cost-effective transactions, delivering enhanced efficiency to its users.
Payment Firms Adopt Cryptocurrencies
Back in April, Fintech giant Stripe announced its decision to once again allow customers to accept cryptocurrency payments after a six-year break.
The company is starting with USDC stablecoins on the Solana, Ethereum, and Polygon blockchains.
In 2014, Stripe dipped its toes into the world of cryptocurrency with tests involving Bitcoin, the pioneering digital currency.
However, in 2018, the company decided to halt its support for Bitcoin due to its volatility and lack of suitability as a means of exchange.
Aside from Stripe, other payment companies have also adopted stablecoins as a means of payment.
More recently, Singapore-based payments company Triple-A announced plans to integrate PayPal’s stablecoin into its list of supported tokens for customer payments.
As the first licensed crypto payments firm in Singapore, Triple-A aims to introduce support for PayPal’s stablecoin, PYUSD, by the end of June.
Currently, the company offers payment services primarily in Bitcoin, Ether, and stablecoins issued by Tether and Circle.
Tether’s USDT remains the dominant stablecoin in the crypto market, with approximately $110 billion in circulation.
In comparison, PYUSD, which launched in August 2023, has a circulating supply of just over $200 million.
