Strike Launches Bitcoin Payments App in UK, Expanding Global Reach

BySamson Ononeme

Jun 25, 2024 ,
Strike, a Bitcoin and Lightning Network payments app, launches in the UK, allowing users to buy, sell, send, and make global payments with Bitcoin.

Key Insights

  • Strike, a Bitcoin and Lightning Network payments app, launches in the UK, allowing users to buy, sell, send, and make global payments with Bitcoin.
  • The launch comes amid evolving UK cryptocurrency regulations, with Strike implementing compliance measures including user classification and risk assessments.
  • Strike’s expansion to the UK, the world’s sixth-largest economy, is part of its global strategy, now operating in 100 countries despite regulatory challenges faced by some crypto firms in the UK.

LONDON (MarketsXplora) – Strike, the popular Bitcoin and Lightning Network payments app, launched its services in the United Kingdom on Tuesday, marking a significant expansion into one of the world’s largest economies amid evolving cryptocurrency regulations.

The move enables eligible UK individuals and businesses to buy, sell, send, withdraw, and make global payments using Bitcoin and the Lightning Network, a second-layer solution designed for faster and cheaper transactions.

Jack Mallers, founder and CEO of Strike, highlighted the UK’s population of 67 million and its status as the world’s sixth-largest economy as presenting “significant opportunities” for Bitcoin adoption.

“We’re incredibly excited to offer our services in the UK, while complying with local regulations for bitcoin and ‘crypto’ companies,” Mallers said in a statement. “While some Bitcoin companies have retreated from the UK, we are expanding our presence, doubling down on our commitment to further Bitcoin adoption globally.”

The UK launch follows Strike’s European rollout in April, bringing the app’s availability to 100 countries and territories worldwide, including the United States, Latin America, and Africa.

Strike’s custodial iOS and Android app offers UK users the ability to buy bitcoin directly with free unlimited GBP deposits from their bank accounts, where supported. The app also provides features such as automatic conversion, scheduled recurring purchases, and “free” on-chain withdrawals during periods of high network congestion.

To comply with UK regulations, new users must complete an “Appropriateness Assessment” and classify themselves as either “Restricted investors” or “High net worth investors.” The app also includes a 24-hour cooling-off period and risk warnings to adhere to local rules.

The launch comes as the UK’s stance on cryptocurrency regulation continues to evolve. The Financial Services and Markets Act 2023 provided the groundwork for regulators to oversee stablecoins and other crypto activities, placing them within the same regulatory framework as traditional financial services.

However, the UK’s regulatory landscape has posed challenges for some crypto firms. While Strike expands its presence, others like Bybit have suspended services in the country due to new advertising rules introduced by the Financial Conduct Authority (FCA) in October 2023.

Bim Afolami, UK Economic Secretary to The Treasury, had previously announced plans to legislate on a new regulatory framework for crypto assets by the end of July. However, these plans have been delayed due to the ongoing election campaign.

As Strike enters the UK market, it joins other major players like Coinbase in adapting to the country’s regulatory requirements, signaling a new phase in the integration of cryptocurrency services within traditional financial systems.

The expansion of Strike’s services, particularly its Lightning Network capabilities, could potentially accelerate Bitcoin adoption and cross-border payments in the UK, offering users faster and more cost-effective alternatives to traditional financial services.

Samson Ononeme

Meet Samson Ononeme, a dynamic writer, editor, and CEO of marketsxplora.com. With a passion for words and a sharp business acumen, Samson captivates readers with captivating storytelling and delivers insightful market analysis. He is a trailblazer in the finance industry, empowering individuals with knowledge and shaping the narrative of money. Get ready to be inspired by his literary prowess and entrepreneurial leadership.

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