By
Chimamanda U. Martha
April 25th, 2024
According to Strike, its latest funding round will pave the way for the integration of its payments scheme on a global scale.
Bitcoin (BTC) payments company Strike has raised $80 million in a Series B funding round to further revolutionize digital payments. Leading Strike’s fundraising endeavor was Ten31, a venture capital firm that primarily invests in Bitcoin-oriented firms. In addition, the funding round also saw participation from a host of other investors, including Washington University in St. Louis and also the University of Wyoming.
Involved Executives Comment on Latest Strike Funding & How It Shapes the Bigger Picture
Strike says that it will channel the proceeds from its latest funding round towards revolutionizing payments for merchants and customers worldwide. Speaking on this development, Jack Mallers, founder and CEO of the Bitcoin Lightning Network leader stated:
“We’re moving full speed ahead not just to integrate Strike’s revolutionary payments with leading merchants, but globally, with a variety of businesses and partners to innovate and deliver on more financial inclusion.”
Furthermore, Mallers also expressed gratitude to Strike’s new and existing investors, who look ahead to the company’s future with optimism. The Strike CEO also touched on the potentially rapturous reception by prospective clients to the Bitcoin payments firm’s plan, saying:
“Every company that’s in the business of moving money is interested in superior payments, and we’re in talks with many of them. It doesn’t get any bigger and more exciting than innovating in payments for the betterment of the world.”
Grant Gilliam, co-founder and managing partner of Strike’s lead investor Ten31, also commented on the Strike development. According to Gilliam, the Bitcoin payment’s company and Ten31 share a vision for the potentially positive impact of BTC on a global scale. Additionally, he also explained that because Ten31 and Strike are “mutually aligned on accelerating [Bitcoin’s] adoption,” sealing the partnership was only natural.
Gilliam said that Strike is ready to disrupt the payments and financial services in general. The plan is to create an experience everyone finds innovative, efficient, and inclusive. The co-founder expressed excitement at working with Strike and strengthening the partnership.
Digital Payment Structure
Strike’s latest funding comes on the heels of the company’s public launch of its commerce API. The company seeks to expand partnerships for its flagship interface, which already enjoys integration with a number of e-commerce platforms. These include Blackhawk, NCR, as well as Shopify. The Strike integration provides an alternative experience to traditional card networks by leveraging the underlying technology of the Bitcoin Lightning Network. This way, access to instant, global, cash-final payments, without the need for legacy processing fees, becomes possible.
Consumers from anywhere across the globe, who are capable of moving money using the Lightning Network, can access Strike’s integration. According to an official release, this consumer base includes more than 70 million users on the mobile payment service platform Cash App.
Strike is also reportedly seeking to launch a new API to enhance its existing digital payment structure. Under this projected initiative, large financial institutions and businesses will be able to transact payments over the Lightning Network.