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According to Strike, Argentina is the first among other Latin American countries in the payment platform’s expansion.
Lightning Network payments platform Strike has rolled out its services in Argentina. This move by Strike to make some of its services available in Argentina is part of the company’s effort to “give hope” to the country. With the launch, Strike said the users in Argentina would be able to make Bitcoin remittance payments. In addition, the people will have access to Strike’s peer-to-peer (P2P) transaction services as well as receive Bitcoin tips on Twitter (NYSE: TWTR).
Strike Launches in Argentina
According to Strike, Argentina is the first among other Latin American countries in the payment platform’s expansion. Strike is planning a Latin American expansion in this current year. Following the Argentina expansion, the company will consider other countries like Columbia and Brazil.
Strike welcomed Argentina on boards in the tweet announcement, stating that the country suffers from hyperinflation. The company wrote:
“Welcome, Argentina! Today, we launch a superior financial experience to a country that faces hyperinflation, predatory payment networks, and unusable cross-border transfers. Today, we use the world’s open monetary network, Bitcoin, to give hope to the people of Argentina.”
Further into the Twitter thread, the Strike founder Jack Mallers explained that Argentina is “plagued with a history of economic turmoil and uncertainty.” In his explanation, he noted that inflation in the country would reach 55% this year, while GDP will contract by 12% in the same period.
The national currency affects the savings ability and crushes citizens’ purchasing power through inflation. In addition to the economic challenges Argentina is currently facing, the country is also struggling to push through the ongoing long-lasting recession.
“There is now unprecedented demand for an open monetary system that lives within a distributed network, has a known monetary policy, a fixed supply, and is resistant to censorship. Argentina needs the best monetary asset and the best monetary network in human history.”
Strike Begins Initial Integrations as it Begins Latin American Expansion
As it extends its services to Argentina, Strike has started working with merchants, consumers, and individuals in the country. Also, the company has begun initial integrations and activation in San Martin de los Andes, the city located in northwest Patagonia, Argentina.
In Mallers’ opinion, Argentina is an “exciting” country to build the Bitcoin economy. It said the government could leverage Bitcoin as a superior asset and a superior payments network. Unlike US Strike users, Argentinians can only hold cash balance, save, and do instant money transfer globally fee of charge. On the other hand, Americans have access to Strike’s full services. However, Argentinians will enjoy “cheap, instant, cash final, global payments of any size, for anyone, to anywhere. Even over Twitter.”