Bitcoin-focused
payments
application
Strike
is
expanding
its
services
to
the
African
continent,
Jack
Mallers,
the
company’s
founder
and
CEO,
announced
in
a
blog
post
Tuesday.
“Today,
we
are
launching
Strike
Africa,
expanding
our
full
suite
of
Bitcoin
services
into
Gabon,
Ivory
Coast,
Malawi,
Nigeria,
South
Africa,
Uganda
and
Zambia
with
more
African
markets
to
come
in
the
future,”
the
post
reads.
Strike,
developed
by
the
Chicago-based
startup
Zap,
is
a
mobile
payment
application
similar
to
Cash
App
or
Venmo
but
uses
blockchain
tech
to
send
and
receive
money.
The
company,
which
started
off
in
the
U.S.
and
El
Salvador,
announced
plans
last
year
to
expand
to
more
than
65
countries,
pushing
into
new
markets
including
not
just
Africa
but
also
Latin
America,
Asia
and
the
Caribbean.
Strike
Africa
will
offer
customers
to
buy
and
sell
bitcoin
(BTC)
and
Tether’s
dollar
stablecoin
(USDT),
local
fiat
currency
on-ramps
and
off-ramps
and
global
payments
leveraging
Bitcoin’s
Lightning
network,
allowing
cheap
and
fast
transactions
for
transfers
and
cross-border
payments.
Bitcoin
(BTC)
and
stablecoins
are
increasingly
in
demand
for
savings
and
remittances
in
developing
countries
plagued
by
high
inflation
and
fragile
financial
systems
such
as
Argentina
and
Turkey.
Crypto
adoption
in
Nigeria,
the
largest
market
in
Africa,
is
particularly
high
as
people
are
turning
towards
digital
assets
as
a
hedge
against
local
currency
devaluation.
The
Nigerian
naira
plummeted
by
almost
50%
against
the
U.S.
dollar
this
month.
“Africa
presents
immense
opportunities
for
financial
innovation
and
economic
freedom,”
Strike’s
blog
post
said.
“Many
countries
on
the
continent
are
grappling
with
high
inflation
rates
and
devaluing
currencies,
making
it
challenging
for
people
to
save
and
build
wealth.”
