- Only a few countries like the US, Argentina, and El Salvador currently have access to the Strike App.
- The app doesn’t allow Argentine users to convert their national currency to the supported digital currencies USDT and Tether.
Jack Mallers – The Brains Behind Strike
Jack Mallers was born in Chicago, Illinois in 1994. He is a national-level chess player. He went to St. John’s University in New York for college, but dropped out after one year. After that, he joined Starter School, which is a full-stack coding school in Chicago.
With a keen interest in technology, he started developing apps. This led him to create a tool for finding wheelchair-accessible transportation and an app for fitness trainers to manage clients.
Mallers’ role in the crypto industry has been significant. His father introduced him to Bitcoin in 2013. In 2017, he recognized the potential of fast transactions through the Lightning network when paired with the Bitcoin network’s security.
This realisation led to the creation of Zap Solutions, the parent company of Strike.
Zap was introduced as a non-custodial wallet for payment operations on Strike. Mallers also realised that using the Lightning network and navigating through confusing interfaces could be daunting for general users.
Thus, he focused on creating an open-source Lightning network user interface to provide a user-friendly experience.
What is Strike?
Strike is a payments application created by Chicago-based fintech company Zap Solutions. Unlike other payment methods, Strike employs the Bitcoin blockchain to send and receive payments.
It aims to eliminate costly global transactions and remittances by utilising Bitcoin’s blockchain rail for cross-border payments, eliminating the need for middlemen.
Strike played a significant role in accelerating El Salvador’s adoption of Bitcoin as legal tender when the app was first launched in 2021. Additionally, Strike collaborated with Twitter to launch Twitter Tips, enabling Bitcoin micropayments on the social media platform.
How does Strike Work?
Strike uses the second layer of the Bitcoin Blockchain called Lightning Network to process the sending and receiving of payments.
Through the Lightning Network, users can avoid clogging the main blockchain by grouping transactions together and processing them as a batch instead of individually.
This reduces the waiting time for settlement on the main blockchain, which can sometimes take up to an hour.
Moreover, Strike is ideal for sending small or frequent transactions as it doesn’t charge extra fees for Lightning Network transactions.
Additionally, the app allows users to partially convert their money into Bitcoin, giving them control over the percentage they want to keep in Bitcoin and fiat currency, respectively.
Conclusion
Jack Mallers is the founder and CEO of the payments app Strike, revolutionizing cross-border payments using Bitcoin’s Lightning Network. With a background in technology and a passion for innovation, he created an open-source interface to simplify Lightning network usage. Strike’s efficient and cost-effective approach has made it a game-changer in the crypto industry, fostering financial inclusivity and empowering users worldwide.