Strike, a money app for fast, safe payments and bitcoin announced the expansion of “Send Globally” to Mexico, bringing its revolutionary payment service to the largest market for remittances from the US.
Mexico received a record $60 billion in remittances from the US alone, making up around 95% of total remittances abroad. Sending a payment from the US to Mexico costs an average of 4.57% of the transaction value.
“Cross-border payments from the US to Mexico have reached unprecedented levels, serving as a lifeline for millions of people,” said Jack Mallers, Founder and CEO of Strike. “However, existing payment services are costly and inefficient, making them inaccessible to many. At Strike, everyone should have equal access to better payments and financial stability. We are excited to bring fast, low-cost cross-border payments via the Lightning Network to Mexico, enabling more people to send money home.”
When using Send Globally, dollars are converted into Bitcoin and sent via the Lightning Network to a third-party partner. That partner converts the bitcoin into local currency, sent directly to the recipient’s local account, such as their bank account. In Mexico, Strike has partnered with Relampago to enable transfers from US dollars received as local currency directly in a recipient’s bank account.
“Relampago is proud to partner with Strike to revolutionise money transfers from the US to Mexico, the world’s largest cross-border payments corridor,” said Immanuel Joy, CEO of Relampago. “By harnessing the Lightning Network, we enable instant, low-cost, cross-border payments and are transforming the financial landscape for millions of Latin American individuals.”
Since launching the feature in December 2022, Strike has quickly expanded Send Globally to over a dozen countries, including the Philippines, Vietnam, Nigeria, and now Mexico, among the top 10 largest cross-border markets.