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Payment Startup Strike Launches Visa Card to Give Real World Returns
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Searching deep: The quest for Bitcoin scalability through layer two protocols
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News
Zap, a Lightning Network payments startup backed by Visa through its Fintech Fast Track program, announced on Wednesday the rollout of Strike Global, a payments and remittances app using the Bitcoin layer-two technology.
An announcement by CEO Jack Mallers goes in-depth into the differences between standard fiat transfer mechanisms and the Lightning-powered mechanism in Strike Global. Mallers focused on remittances, a multibillion-dollar business that is still largely passed through expensive middlemen.
Strike Global is not too unlike traditional fintech apps, but it uses the Lightning Network for settlement. This means that payments can be essentially instantaneous and at a fraction of the cost of traditional payment rails.