Bitcoin payment provider Strike has just opened more support for 65 countries. Before its expansion, Strike only operated in El Salvador, Argentina. and the US. Further, the mobile app relocated its global headquarters to El Salvador from US soil.
Strike Relocates Due To Anti-Crypto Conditions In The US
The CEO and founder of Zap, the parent company of Strike, Jack Mallers, spoke with Fortune regarding the firm’s latest moves. Mallers noted relocating the firm’s global headquarters to El Salvador was due to the increasing crypto regulatory conditions in the US.
Further, the CEO mentioned that the company’s expansion moves are in response to the clouded world of crypto exchanges. Also, they aim to bring clarity to the concealed, unregistered licensing regimes surrounding over 1.000 different crypto assets.
The rigid regulatory regimes in the US made Strike hold back its services in New York. However, the crypto environment in El Salvador is different. Its crypto-inclusive regulations are an attractive point for technological innovations in the country.
Further, in his speech, Mallers mentioned the success of El Salvador’s adoption of Bitcoin as a legal tender. In his opinion, such a success wasn’t defined by the rare adoption of the crypto asset. Instead, he believed other factors, such as increased tourism, contributed to the country’s Bitcoin success story.
Strike Offers More Benefits To Customers With Expansion Moves
According to its expansion plans, Strike will first enable users in the new global markets to get only Bitcoin.
But Mallers disclosed future moves from the firm would cut across launching new features and debit cards before the year runs out. Also, the company will provide US dollar payments with Tether for markets outside the United States.
While reminiscing, Mallers noted that they would have been an object of mockery two years ago for having their headquarters in El Salvador.
But the firm’s recent move allows them to present their products to over 3 billion people. Also, Mallers noted that crypto tension is high in the US as Coinbase is battling with SEC Chair Gary Gensler. Now, several crypto firms are seeking El Salvador’s operational licenses.
Strike and the Bitfinex crypto exchange were among the first companies to receive El Salvador’s Digital Asset Service Provider license.
With the license, Bitfinex Securities will engage in the issuance and secondary trading of digital assets with clarity of rights and obligations in El Salvador.
The Bitcoin Office of El Salvador has pointed out the benefits of the country’s engagement in Bitcoin and digital assets.
According to its Bitcoin Office Twitter page, the Central American country has become the epicenter of Bitcoin adoption. The exposure to crypto assets has given the country financial sovereignty, economic freedom, unrestricted wealth flow, and censorship resistance.
Also, the new crypto regulatory rules offer exceptional user protection from criminal minds within the crypto space.
-Featured image from Pexels, chart from TradingView