In a groundbreaking announcement, Jack Mallers, the founder of Zap, launched on Thursday the company’s new cryptocurrency exchange app “Strike”.
Strike allows users to send and receive Bitcoin (BTC), and to make Lightning Network payments directly through bank accounts.
The new app has now entered the public beta phase. It is available for iPhone, Android, and Chrome.
Strike allows bank accounts to interact with Bitcoin and Lightning protocols with no wallet needed. It also offers bitcoin transfers, while limiting “Know your customer” protocols to a minimum.
Mallers seeks to make Bitcoin a key component of the mainstream digital trend. To this end, he created Zap in 2018 – one of the first desktop wallets. Zap enables users to access Lightning Network via an easy-to-use interface.
Interestingly, Strike users don’t have to create a Lightning wallet in order to deal with Bitcoin, according to Bitcoin Magazine.
The app allows small transactions from bank accounts to buy products in BTC. It saves you the lengthy process of creating Lightning channels.
With Strike, you can use even the few cents left in bank accounts, if they were enough to buy a product in Bitcoin, Mallers explains.
This app links bank accounts with the Lightning Network and Bitcoin accounts. Thus, it allows financial transactions without the hassle of Bitcoin fluctuations, taxes, or fees.
Also, Strike offers buying and selling Bitcoin via a traditional bank account.
How it works?
Strike is an innovative way to pay in fiat currency via a regular bank account while using the Lightning Network.
To convert a fiat currency into Bitcoin, all you need is to create a Lightning invoice and pay through Strike.
Mallers explains that Strike users can store fiat with the app, while it will be insured through the banking partner. This prevents any risk of losing customer money.
Moreover, it provides Bitcoin purchases via debit cards.
Also, users can use the app for transfers, personal payments, small payments, and purchases both online and offline.
The app comes with a Strike.me social media profile, which allows users to accept free payments from anywhere through an online QR code. Instantly, Strike converts payments into fiat.
One of Mallers’ key objectives was to comply with regulations while minimising “know your customer” procedures and anti-money laundering requirements.
In the private beta, there was a little need to gather much information about relevant parties of a transaction or their identity.
Now, Strike users only have to enter a name and phone number.
Mallers has big plans for the future of Strike. According to the application’s website, a Strike Visa debit card is under development.
Besides, a rewards programme will be offered in partnership with certified merchants for referrals among friends and family
Strike is also providing merchants with tools to handle contactless payment, and an enhanced e-commerce system is being introduced to this effect.