Michael Bodley

<div id="highlights-block_624f64707c1ac" class="highlights">
 <ul>
 <li>Strike CEO Jack Mallers detailed the new partnership Thursday at the Bitcoin 2022 conference in Miami</li>
 <li>Traditional payment processors haven’t innovated in more than 50 years, Mallers said</li>
 </ul>
 
</div>



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.&nbsp;



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.&nbsp;



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.&nbsp;



“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 <a href="https://cms.blockworks.co/senators-warren-lummis-divided-on-digital-asset-value-agree-on-regulation/" target="_blank" rel="noreferrer noopener">bitcoiner Sen. Cynthia Lummis</a>, 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.&nbsp;



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.”



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