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Strike, a Chicago-based Bitcoin (BTC) payment provider, has expanded its services to 65 countries while simultaneously relocating its global headquarters to El Salvador. Prior to this expansion, the mobile application was operational exclusively in the United States, El Salvador, and Argentina.
According to Jack Mallers, CEO and founder of Zap, Strike’s parent company, the expansion aims to counter the “clouded world of crypto exchanges and hidden, unregistered licensing regimes and 1,000 different coins.” Speaking to Fortune, Mallers revealed that the decision to move its headquarters to El Salvador was a response to growing anti-crypto regulatory sentiments in the U.S.
On one hand, regulations have prevented Strike from offering its services in New York. On the other hand, El Salvador introduced crypto-inclusive regulations to attract technological innovation to the region.
3/ El Salvador is the epicenter of Bitcoin adoption, and thus, economic freedom, financial sovereignty, censorship resistance & unconfiscatable wealth.
When we issue the first of the volcano bonds, we will once again be blazing the path forward for this new monetary revolution.— The Bitcoin Office (@bitcoinofficesv) January 11, 2023
During the discussion, Mallers commented on El Salvador’s success in establishing Bitcoin as legal tender. He believed that merchant adoption “wasn’t what was defining success.” Instead, he measured El Salvador’s Bitcoin adoption success by other factors, including increased tourism.
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Strike will initially allow users in the new global markets to only receive Bitcoin. However, Mallers revealed plans to launch new features by the end of the year, including a debit card. For markets outside the U.S., Strike will enable U.S. dollar payments via Tether (USDT).
“Two years ago, people would have made fun of me [for our] headquarters in El Salvador to launch product for three billion people, but now Coinbase is fighting with Gary Gensler,” he said. “Who’s laughing now?,” Mallers concluded.
Related: US lawmakers target perceived risks of crypto adoption in El Salvador with reintroduced bill
Strike and crypto exchange Bitfinex were among the first crypto companies to secure operational licenses in El Salvador.
We are now the world's first international digital asset platform to receive approval for a Digital Asset Service Provider license under El Salvador’s new Digital Assets Issuance Law! A milestone for financial freedom in Latin America.@bitfinex https://t.co/88Mmmi5s6M
— Bitfinex Securities (@BFXSecurities) April 11, 2023
El Salvador’s Digital Asset Service provider license allows Bitfinex Securities “to facilitate the issuance and secondary trading of assets” with clearly defined rights and obligations within the jurisdiction.
