{"id":15251,"date":"2022-12-08T06:43:55","date_gmt":"2022-12-08T06:43:55","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/strike-launches-bitcoin-lightning-network-enabled-money-transfers-to-africa-fintech-bitcoin-news\/"},"modified":"2022-12-08T06:43:55","modified_gmt":"2022-12-08T06:43:55","slug":"strike-launches-bitcoin-lightning-network-enabled-money-transfers-to-africa-fintech-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/strike-launches-bitcoin-lightning-network-enabled-money-transfers-to-africa-fintech-bitcoin-news\/","title":{"rendered":"Strike Launches Bitcoin Lightning Network-Enabled Money Transfers to Africa \u2013 Fintech Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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United States-based users of Strike, a digital payments platform built on Bitcoin\u2019s Lightning Network, can now transfer funds instantly and at a low cost to Kenya, Ghana, and Nigeria via the recently added new feature known as \u201cSend Globally.\u201d The new feature instantly converts the funds to local currencies prior to moving them to recipients\u2019 respective bank or mobile money accounts.<\/strong><\/p>\n

The High Cost of Sending Funds to Africa<\/h2>\n

According to Strike, a digital payments platform built on Bitcoin\u2019s lightning network, a feature recently added to its platform now enables instant and low-cost payments to Africa. Known as \u201cSend Globally,\u201d the feature \u2014 currently available to United States-based users \u2014 applies to payments sent to Ghana, Kenya, and Nigeria.<\/p>\n

As the digital payments firm\u2019s Dec. 6 press statement<\/a> explains, the use of the Lightning Network\u2019s rail makes transferring funds to any of the initially covered countries an almost costless exercise. According to a recent World Bank Migration and Development Brief<\/a>, the cost of sending funds to the Sub-Saharan Africa region is currently the highest globally.<\/p>\n

Direct Deposits to Recipient\u2019s Account<\/h2>\n

To overcome this obstacle of cost, as well as the other challenges associated with sending funds across borders, Strike has partnered with an African payments platform called Bitnob. Meanwhile, in arguing the case for the new feature, Jack Mallers, the founder and CEO of Strike, said:<\/p>\n

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High fees, slow settlement, and lack of innovation in cross-border payments have negatively impacted the developing world. With exorbitant fees to transfer funds in and out of Africa and incumbent providers halting services, payments companies are struggling to operate in Africa and people cannot send money home to their family members.<\/p>\n<\/blockquote>\n

Mallers said through Strike, users intending to send funds to any of the three countries now have an opportunity \u201cto transfer their US dollars easily and instantly across borders.\u201d When using the new feature, payment to any of the three countries is instantly converted to the respective country\u2019s currency and deposited into the recipient\u2019s bank or mobile money account.<\/p>\n

The statement said Strike will continue to expand its payment service to Africa via integrations and partnerships with cross-border payment providers like Chipper Cash.<\/p>\n

Register your email here to get a weekly update on African news sent to your inbox:<\/em><\/p>\n

What are your thoughts on this story? Let us know what you think in the comments section below. <\/strong><\/em><\/p>\n

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\nTerence Zimwara <\/h6>\n

\nTerence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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