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Strike Launches Operations in the UK, Expands Global Reach

Strike, a Bitcoin payments app, has unveiled its entry into the United Kingdom market. The announcement came through a blog post on Tuesday, underscoring its ongoing global expansion after successful launches across Europe and Africa.

In the UK, customers can utilize the Strike app for purchasing, selling, and withdrawing funds. The platform supports transactions in both Bitcoin (BTC) and sterling, providing users with a streamlined and flexible payment solution.

Strike Expands Global Reach

Strike, which operates in over 100 countries and territories worldwide, continues to expand its global footprint. After establishing itself in Europe in April and entering the African market earlier this year, the company is now entering the UK market.

Amidst some cryptocurrency firms scaling back operations in the UK, Strike remains committed to fostering global Bitcoin adoption and expanding its influence. CEO Jack Mallers emphasized the UK’s potential, with its population of 67 million and ranking as the sixth-largest global economy, as presenting significant opportunities for Bitcoin adoption.

“We’re thrilled to introduce our services in the UK, featuring a beautifully-designed Bitcoin app that offers all of Strike’s functionalities while adhering to local regulations for cryptocurrency companies,” Mallers stated.

To comply with regulatory mandates regarding cryptocurrency promotions, Strike will offer its services to clients across borders from its European headquarters. The company has forged a partnership with Engelbert, a firm registered with the Financial Conduct Authority, to ensure strict adherence to regulatory frameworks.

Strike, developed by the Chicago-based startup Zap Solutions, offers users a global money transfer solution comparable to well-known platforms such as Cash App or PayPal. Since its 2020 debut in the United States, the app has utilized Bitcoin’s Lightning Network to enable faster and more cost-effective transactions, significantly enhancing efficiency for its users.

Payment Firms Adopt Cryptocurrencies

In April, Fintech leader Stripe made headlines by reintroducing support for cryptocurrency payments after a six-year hiatus. Initially, the company is focusing on USDC stablecoins across the Solana, Ethereum, and Polygon blockchains.

Stripe initially experimented with Bitcoin in 2014, exploring its potential in the digital currency landscape. However, in 2018, due to Bitcoin’s volatility and limitations as a medium of exchange, Stripe discontinued its support for the cryptocurrency.

Alongside Stripe, several other payment firms have embraced stablecoins as a viable payment method.

Recently, Triple-A, a Singapore-based payments company, disclosed its intention to incorporate PayPal’s stablecoin into its array of supported tokens for customer transactions. Positioned as Singapore’s inaugural licensed crypto payments entity, Triple-A plans to integrate support for PayPal’s stablecoin, PYUSD, by the conclusion of June.

At present, Triple-A’s payment services predominantly encompass Bitcoin, Ether, and stablecoins issued by Tether and Circle. Tether’s USDT remains the leading stablecoin in the cryptocurrency market, boasting a circulation nearing $110 billion.

In contrast, PYUSD, which was introduced in August 2023, has a circulating supply exceeding $200 million.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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