Strike expands its cross-border payment service to Mexico.
Strike expands its Mexico operation in the face of the size of remittances from the US. The company is strengthening its deportation payment service to Mexico.
Strike Steps Up Against Out-of-Border Payment Volume Size
Strike is expanding its cross-border payment service to Mexico, noting that that country is the largest market for remittances from the United States. Mexico accounts for about 95 percent of the total remittances Mexicans receive from abroad.
Digital payments company Strike will launch Send Globally, its Lightning Network-based cross-border payment service, in Mexico, according to a press release. This service aims to provide cheaper and faster transactions by working on the Lightning Network, the Layer-2 payment system for the Bitcoin Blockchain. In the statement, it is stated that it is possible to transfer dollars sent from the US across the border to the recipient’s Mexican bank account in pesos.
In recent weeks, Strike CEO and co-founder Jack Mallers announced that the company is giving up on third-party service providers and moving custody operations in-house. This new expansion comes after they set up headquarters in El Salvador as part of strengthening their Latin American presence.
In the press release of the company, the following statements were included:
Strike’s expansion into Mexico offers a better alternative to the 12 million Mexican Americans.”
