Introduction

Strike is a leading financial technology company designed to facilitate better payments and better money by leveraging the Bitcoin blockchain and the Lightning Network. Positioned not merely as a cryptocurrency exchange, but as a payments infrastructure provider, Strike aims to disrupt legacy financial systems by offering fast, secure, and cost-effective transactions globally. By utilizing Bitcoin as both an asset and a network, Strike enables a borderless financial experience for saving, spending, and sending money.

Strike: Building a Global, Open Money Network

Historical Background

Strike was founded in 2020 by Jack Mallers. The company’s roots are deeply intertwined with the development of the Bitcoin Lightning Network—a "Layer 2" solution built on top of the Bitcoin blockchain designed to handle high-volume transactions instantly and at negligible costs.

Before Strike, Mallers founded Zap Solutions, Inc. in 2017, a startup focused on building user-friendly interfaces for the Lightning Network. While Zap helped developers and technical users interact with the protocol, Mallers realized that mainstream adoption required an experience that bridged the gap between traditional fiat currencies and Bitcoin.

In 2020, Strike was launched to fulfill this vision. The app allowed users to link their traditional bank accounts or debit cards and transact over the Lightning Network without needing to manage private keys or understand the technical complexities of blockchain technology.

A pivotal moment in Strike’s history occurred in 2021 when Strike facilitated the infrastructure necessary for El Salvador to adopt Bitcoin as legal tender. This project highlighted Strike’s capability to enable instant, low-cost remittances across borders, providing a superior alternative to traditional money transfer operators.

Founder: Jack Mallers

Jack Mallers is recognized as a pioneer in the Bitcoin payments landscape. Born in Chicago, Mallers comes from a traditional financial background—his grandfather was the chairman of the Chicago Board of Trade, and his father founded a major futures brokerage.

Mallers dropped out of college to pursue technology, attending a coding bootcamp that sparked his interest in Bitcoin. He became convinced that Bitcoin is superior to legacy payment rails, advocating for its use as global, decentralized money that is free from manipulation. His mission with Strike is to build "better money" through rules-based systems rather than centralized control.

Services Offered

Strike offers a comprehensive suite of services for individuals and businesses aimed at fostering financial inclusion and efficiency.

1. Bitcoin Purchases and Savings

Users can buy and sell Bitcoin instantly using USD, starting with as little as $0.01. Strike supports:

• Recurring Buys: Automated purchases to implement a dollar-cost averaging (DCA) strategy.
• Target Orders: Automated trading based on specific price triggers.
• Direct Deposit: Users can receive their paycheck directly into their Strike account in USD, Bitcoin, or a mix of both.

2. Borderless Payments and Global Transfers

Leveraging the Lightning Network, Strike enables users to send and receive payments instantly and securely across the globe.

• Strike-to-Strike: Instant, free transfers between Strike users anywhere in the world.
• Remittances: In supported countries (such as El Salvador, Argentina, the Philippines, and Nigeria), users can send fiat currency globally, where it is automatically converted to Bitcoin for fast transmission and converted back to local currency at the destination, bypassing expensive traditional fees.

3. Spending and Utility

Strike integrates Bitcoin into everyday spending:

• Bill Pay: Users can pay bills using their cash or Bitcoin balances directly within the app.
• Gift Cards: The app allows users to purchase gift cards from major retailers using their balance.

4. Custody and Security

Strike is a regulated entity in the jurisdictions in which it operates.

• Asset Backing: Strike maintains a 1:1 reserve for all customer assets.
• Security Features: The platform offers advanced security measures, including two-factor authentication (2FA).
• Self-Custody Support: Users can withdraw their Bitcoin to their own private wallets at any time.

Conclusion

Strike represents a significant advancement in the integration of Bitcoin into the traditional financial ecosystem. By focusing on utility, speed, and cost-efficiency, Jack Mallers and his team at Strike are building the infrastructure for a future where money moves as fast as information, enabling financial autonomy on a global scale.