Zap – a Lightning Network payments firm supported by VISA via its Fintech Fast Track initiative – reportedly disclosed details of its Strike Global release.
Specifically, Strike Global reportedly functions as a payments and remittances app employing the Bitcoin layer-two tech.
CEO Jack Mallers reportedly revealed insights, regarding the distinction between standard fiat transfer mechanisms and the Lightning-based mechanism available in Strike Global, with the latter primarily concentrated on remittances – a multibillion-dollar business with a majority of its operation still has the involvement of expensive middlemen.
Strike Global reportedly does not stray very far from the nature of a common fintech app, but it utilizes the Lightning Network for settlement, allowing for immediate process finalization, as well as being available at a reduced cost, compared to different traditional payment rails.
Strike Global reportedly comes with two transfer kinds, based on the whereabouts of the recipient. For nations equipped with a developed infrastructure for banking, Strike will support payment transferring without going through Bitcoin (BTC) themselves.
Strike will also carry out automatic fund withdrawal from the user’s bank account, exchange it into BTC, and ultimately convert it into the recipient’s fiat currency and banking network.
The system reportedly relies heavily on the current Bitcoin exchange infrastructure, which already has remittances available that come with simplicity and a reduced price, should the user agree to go through them in a manual manner.
As for nations without a top-of-the-line banking network, Strike comes with facilitation for keeping funds in either Bitcoin or Tether (USDT), which can then be exchanged into local fiat, via ad-hoc methods, nominally Bitcoin ATMs.