The main market for remittances from the United States, which, according to the company, accounts for almost 95% of all remittances received by Mexicans from outside, is Mexico. As a result, the digital payments startup Strike is expanding its Lightning Network-based cross-border payments service to this country.
According to a press release given to CoinDesk, the service, Send Globally, will be accessible in Mexico beginning June 14. The Lightning Network, a second layer payment mechanism for the Bitcoin blockchain created to offer less expensive and quicker transactions than the base network, powers it. According to the press release, money transmitted across the border utilizing the service can be received in the recipient’s bank account as pesos.
Jack Mallers, the CEO and co-founder of Strike, announced just last week that the business has stopped using third party service providers and shifted custody operations in-house.Less than a month after it announced it had expanded to over 65 countries and opened an office in El Salvador for its worldwide arm, the new service strengthens its position in Latin America.
According to the press release, “Strike’s expansion to Mexico brings a better alternative to 12 million Mexican Americans,” highlighting the plight of an increasing number of Mexican immigrants in the U.S. who are troubled by “high fees, slow settlement, and lack of innovation in incumbent cross-border payments services.”