Strike, a digital payments firm, is expanding its Lightning Network-based cross-border payments service to Mexico, the largest market for remittances from the U.S. According to the company, Mexico receives around 95% of total remittances from abroad. The service, Send Globally, will be available starting June 14 and will allow U.S. dollars to be sent across the border and received as pesos in the recipient’s bank account.
This expansion bolsters Strike’s presence in Latin America, coming less than a month after the company established a headquarters for its global arm in El Salvador and said it expanded to over 65 countries. The press release provided to CoinDesk stated, “Strike’s expansion to Mexico brings a better alternative to 12 million Mexican Americans,” highlighting the high fees, slow settlement, and lack of innovation in incumbent cross-border payments services.
Jack Mallers, Strike CEO and co-founder, said the company had ditched third-party service providers and moved custody operations in-house just last week.