Strike Rolls Out Shopify Partnership, Facilitates Online Bitcoin Transactions

The digital payments company is also working to make bitcoin transactions possible at in-store merchants around the world

article-image

Source: Strike

share

key takeaways

  • Strike CEO Jack Mallers detailed the new partnership Thursday at the Bitcoin 2022 conference in Miami
  • Traditional payment processors haven’t innovated in more than 50 years, Mallers said

In a move to revitalize the payments processing industry, which Strike CEO Jack Mallers said Thursday has been stagnant for 55 years, the company unveiled a partnership with Shopify to facilitate bitcoin-to-cash payments over the Lightning Network. 

The setup is live now with Los Angeles-based streetwear designer Warren Lotas, with the plan being to add additional merchants in the coming months, Mallers said at the Bitcoin 2022 conference in Miami.

Railing against a “boomeristic” credit card system that started when “rich dudes” didn’t want to carry around wads of cash to buy caviar at high-end Manhattan restaurants, Mallers posited bitcoin as a solution to fees, transfer times and settlement issues that plague the traditional financial system.

Not content with targeting the online payments market, Strike — a digital payments platform based on the Lightning network — has also moved to enable in-person transactions via Lightning, connected by a user’s bitcoin wallet of choice. The company partnered with alternative payments processor Blackhawk and point-of-sale provider NCR to facilitate such transactions. 

Dressed casually with his trademark hat, Mallers, through bits of laughter and profanity, presented himself as “just this kid from Chicago” in a stark contrast from the buttoned-up CEOs of traditional finance. 

“In reality, payment networks have not innovated in over 50 years,” Mallers said. “That’s insane…that’s ridiculous.”

Mallers has also been working with political heavyweights, including the bitcoiner Sen. Cynthia Lummis, R-Wyo., to “get this done.”

The idea is to roll out in-person bitcoin payments at scores of retailers, including Chipotle, Whole Foods and Walmart. 

There’s no word yet on whether the companies have opted in to the proposal — or any reaction from old-school payment processors that rely on fees for moving money. Strike’s transactions, which are instantly settled, cut down parties from five to two: the buyer and the seller.

“Anyone can build anything, man,” Mallers said. “Anyone can build anything.”


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

MON - WED, MARCH 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience:  Attend expert-led panel discussions and fireside chats  Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts   Grow your network […]

recent research

Research Report Cover.jpg

Research

Tokenized assets reflect crypto's growth as a legitimate asset class and the adoption of blockchain technology by traditional financial players and markets. They appeal to a different vertical beyond niche crypto circles, by allowing institutions to increase efficiency and lower costs and emerging market retail users to access foreign debt, equity, and currencies.

article-image

Protocols continued to build in the blockchain space this past year despite a tumultuous 2022

article-image

If you’re looking for ways to spend the holidays, why not curl up with a good book that will both entertain — and teach you a little bit more about crypto?

article-image

Whoever says that collectibles are the real use cases for NFTs are dead wrong, at least about stamps

article-image

Uniswap is having a moment while the US has its way with top centralized exchange Binance and its former CEO Changpeng Zhao

article-image

The race to launch bitcoin ETFs has become a bit more mainstream in recent months — if a relative asks about it, here are some updates you can share

article-image

The proposal’s author called the voting power boost for active delegates an experiment in accountability for DAOs