- Crypto app Strike has partnered with Checkout.com to allow users in over 65 countries to buy Bitcoin directly with their debit cards
- Checkout.com serves as a card network gateway, expanding Bitcoin on-ramps globally
- The move comes at a time when on-ramps are being choked by regulators
Crypto app Strike has revealed a substantial expansion in its services through a partnership with payment processing platform Checkout.com. This collaboration enables users in over 65 countries to directly purchase Bitcoin with their debit cards in a move that aims to overcome challenges associated with transitioning between fiat currencies and cryptocurrencies. The news comes three months after Checkout.com cut ties with Binance over regulatory concerns which many thought would end its interest in the crypto sector.
Strike Keeps Building
The Strike-Checkout.com deal was revealed in Forbes, which reported that Strike founder and CEO Jack Mallers has a long-term vision of making Strike the “Bitcoin company for the Earth” with global payments as a core feature. The goal is to facilitate cross-border payments using Bitcoin for remittances between countries worldwide, with Bitcoin’s Lightning Network the bedrock for the rollout.
The collaboration with Checkout.com introduces a new payment rail for Strike, allowing more users to buy and sell Bitcoin through the app, and also enables users outside the US to initiate payments between currencies via the Send Globally feature. Checkout.com serves as a card network gateway, brokering relationships with major entities like Visa and Mastercard. This partnership expands Bitcoin on-ramps globally, offering an alternative to existing wire transfers, ACH, and card processing.
Crypto Not Cowed by Scandals
Despite the industry’s current turmoil, with regulatory challenges and the recent conviction of FTX founder Sam Bankman-Fried, Strike remains committed to Bitcoin and regulatory compliance. The app, available for download in over 65 countries, previously had limitations on buying and selling Bitcoin, but the new partnership is expected to offer more flexibility and accessibility.
Strike has been expanding its products, including Send Globally, as part of its efforts to provide on- and off-ramps into fiat, facilitating a smoother transition between cryptocurrencies and traditional currencies.
Checkout.com Back in the Crypto Fold
This move aligns with Strike’s broader mission to leverage Bitcoin’s global payment potential and simplify cross-border transactions. The recent funding round of $80 million in September 2022, led by Bitcoin-focused asset manager Ten31, has likely provided the financial impetus for Strike’s ongoing expansion efforts.
Checkout.com has also dipped its toe back into the crypto waters with the deal three months after canceling its deal with Binance due to concerns over regulatory actions against the company, inquiries from partners, and compliance controls. Binance considered suing but has yet to follow through.