By
Chimamanda U. Martha
April 24th, 2024
While Strike may be the latest blockchain-based startup with a collaboration to offer crypto rewards through a Visa card, it is certainly not the first to trail this path.
Strike, a digital currency-based payment protocol built on the lightning network has announced the launch of a new payment card from financial giant Visa Inc (NYSE: V) that will help users earn real rewards. As revealed by the Jack Maller-owned firm, the Strike Visa card can be used anywhere in the world, leveraging the extensive reach of the partnering payment outfit.
Building utility in the digital currency ecosystem is one thing that many innovators find challenging. With Strike, the Lightning Network’s speed and low-cost capability, coupled with the security of the Bitcoin blockchain have helped establish Strike as a go-to payment protocol today.
The partnership with the Visa card is one other way Strike is building its robust utility and reach, and the startup said access to the card can be granted by joining a waitlist. With the Visa link-up, Strike now hopes to give a robust financial experience through one application. It said through its platform, users can;
“..get your direct deposit, get paid in #Bitcoin, buy #Bitcoin, send and receive money with friends, spend your money anywhere with Apple Pay® and Google Pay™, and earn instant rewards while spending, all with no added fees.”
Now, you can get your direct deposit, get paid in #Bitcoin, buy #Bitcoin, send and receive money with friends, spend your money anywhere with Apple Pay® and Google Pay™, and earn instant rewards while spending, all with no added fees.
One app.
The dream financial experience.
— Strike (@Strike) August 11, 2022
Based on its foundation which is Bitcoin, Strike said it will be donating 1% of all transaction fees and profits and donating it to open-source Bitcoin development.
“Given our relationship with #Bitcoin and our vision for the future, we will be taking 1% of all Strike Card profits and donating them to open-source #Bitcoin development,” Strike said in a tweet.
Strike is in the habit of inking strategic partnerships that can bring value to its platform users across the board. The startup was the talk of the town back in April when it announced it has sealed a deal with Canadian multinational e-commerce company, Shopify Inc (NYSE: SHOP) so that users can make payments for goods and services in crypto while merchants can receive such payments in fiat.
The deal at the time fueled up the utility of the Strike, and extended the positive outlook of the broader crypto ecosystem at the time.
Strike Visa Cards: a One in Many Push
While Strike may be the latest blockchain-based startup with a collaboration to offer crypto rewards through a Visa card, it is certainly not the first to trail this path.
Cryptocurrency trading platforms including Binance Exchange, Crypto.com, and even Coinbase Global Inc (NASDAQ: COIN) are in the habit of forming a bond with Visa and other renowned payment startups to give their users an avenue to make use of their digital currencies.
The trend, though still relatively new is now being harnessed and rebranded in a whole number of ways. While startups look for incentives to outcompete one another, consumers seem well positioned to benefit the most from these service expansions across the board.