Strike, a digital payments platform, has announced a partnership with e-commerce giant Shopify in order to enable merchants to accept Bitcoin payments as US dollars seamlessly.
According to the official announcement, the integration will allow merchants to accept payments globally and reduce processing fees with a cash-final settlement, apart from that this integration will also provide an alternative to traditional options.
This is expected to enable Shopify to tap previously untapped global markets and purchasing power, while also allowing its merchants to save money through low-cost payment processing. By instantly converting BTC payments to USD, the Chicago-based platform should also eliminate the complexities that merchants face when holding Bitcoin.
Strike Founder and CEO Jack Mallers announced the partnership on stage at the Bitcoin 2022 conference in Miami, said “We’re excited to collaborate with Shopify to offer merchants a cheaper and faster way to accept US dollars using Bitcoin technology.” The Lightning Network is a global payments network that lowers costs, increases speed, drives innovation, improves financial inclusion, and gives consumers and merchants more options.”
The executive also revealed that the service will be available to any consumer worldwide who has an LN-enabled wallet, including the more than 70 million users of Block’s CashApp. The integration is part of Strike’s ambitious plan to accelerate Bitcoin adoption for online and in-store commerce. So far, Warren Lotas, a Los Angeles-based streetwear brand, is the company’s only merchant partner.
Mallers also announced Strike’s collaboration with alternative payment provider Blackhawk Network, which has 400,000 storefronts and 37,000 partners, including Facebook, eBay, Disney, Amazon, Visa, and others.
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