Bitcoin Layer 2 scaling solution provider Strike Lighting Network’s money transfer service, Send Globally, will be available in the Philippines starting January 31st.
The country’s remittance market has reached $35 billion, making it one of the largest markets in the world.
Strike has partnered with Philippine Bitcoin payment company Pouch.ph to bring the Lighting Network to life. All money sent using this service can be received in Philippine Pesos, making it relatively easy to transfer to the recipient’s bank or mobile his money account.
Founded in 2019 by Jack Mallers, Strike is an API used by merchants to accept payments from customers around the world. The Philippines is his fourth country to accept the system, and it is currently available in the United States (excluding Hawaii, New York and South Dakota), El Salvador and Argentina.
Powered by the Bitcoin blockchain’s Lightning Network, Strike rose to prominence following El Salvadoran President Nayib Bukele’s commitment at the Bitcoin 2021 conference in Miami. Remittance assistance.
“Strike leverages Bitcoin’s open payment network to provide customers with the world’s first global peer-to-peer payments software and a cutting-edge neo-banking experience unique to Bitcoin.”
Filipinos working in America in 2021 Send about 12.7 billion US dollar cash transfer to Philippines. Cash remittances from the United States to the Philippines are gradually increasing year by year.
Research shows that the global remittance industry is plagued by high fees and slow processing times.in an interview with CoinDeskMullers hopes to soon launch in countries such as Nigeria, Kenya and Ghana.
In Nigeria, BTC’s premium has risen significantly this week as efforts at the country’s central bank to de-money push many to flee to cryptocurrencies. With local peer-to-peer traders selling BTC as high as $62.499 on LocalBitcoins163.77% above the current BTC price of $23,694.
Mullers also said he was frustrated by tax concerns in the United States. “There are all sorts of taxes involved. If you want to send money from here to the Philippines, you have to tell the IRS about it. That’s ridiculous,” Maller said. CoinDesk“Under the hood, we use Lightning properties, so users don’t even know we’re using it. They’re just sending dollars and receiving pesos.”
