App Connects Bitcoin and Lightning Payments Directly to Your Bank Account

App Connects Bitcoin and Lightning Payments Directly to Your Bank Account

Jack Mallers, the developer of the popular Zap Lightning Wallet, has announced a brand new app for iOS, Android, and Chrome. The new app is available on different platforms from July 2, using which users can send and receive Bitcoin and Lightning Network payments directly to and from their bank account. Linking Bitcoin to traditional bank accounts using the Lightning Network will allow faster and more secure transactions. It will also cut down on many technical hurdles that prevent normal users from adopting cryptocurrencies, including BTC. Strike, which is already in its public beta phase, allows users to deal with Bitcoin and Lightning protocol without the need for any white papers, channels, seed, wallet, or liquidity. Even the KYC is kept to a minimum to allow users to use their services quickly and without any difficulty.

Mallers created the Zap Lightning Wallet back in 2018 to make Bitcoin accessible to everyone. It was the first of the few user-friendly desktop wallets with the feature of Lightning Network accessible. Last autumn, he also announced that he was working on a platform that would allow users to buy Bitcoin using debit cards using the Lighting Network. The Strike wallet currently allows debit card purchases, but its usage is limited to personal payments, remittances, micropayments, and online/offline purchases. Users with a Strike wallet also get a free social media profile using which they can accept payments from anyone around the world using their unique QR code. The payments made through this platform are converted into fiat.

Mallers aim to meet all the necessary KYC and anti-money laundering rules but still making it easier for the users to carry out transactions. It did not want new users to be treated as criminals as soon as they download Strike on their phones. He met with prominent lawyers and regulators to work out on how much KYC were needed for safety reasons. With the average payment value being $27 in its private beta, he believes that there was no requirement for mass collection of user data. People using the app will only need to provide their name and their phone numbers to start using it. However, the new app will only be available in a few states as of now.

The Strike app is just a beginning for Mallers. He is also working on a Strike Visa debit card that would carry rewards programs through its partners and also referrals for family and friends. It is also working towards a new contactless payment technology for Strike along with an all-new e-commerce system for its partners and their customers. Once the news of the new app was announced on Twitter, the Blockstream CSO Samson Mow was quick to point out that the Mallers team is going to win over the next Billion Bitcoin users with its latest development. There will be no need for low tech users to understand how the complexities of BTC work. They can carry out transactions easily without the need of anyone’s help. 

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