Strike expands Bitcoin services in Argentina as country battles hyperinflation
Bitcoin digital wallet app Strike has expanded its business in Latin America with the launch of its payment services in Argentina, the company announced Monday.
According to a company statement, Strike will allow Argentina-based users to make Bitcoin payments instantly and with no fees from its lightning network wallet. Bitcoin lightning network is an underlying technology that enables fast transactions with low fees, in turn solving the scalability issues of the Bitcoin network.
Welcome, Argentina! Today, we launch a superior financial experience to a country that faces hyperinflation, predatory payment networks, and unusable cross-border transfersToday, we use the world's open monetary network, #Bitcoin, to give hope to the people of Argentina pic.twitter.com/Z2RYLxmKSL— Jack Mallers (@jackmallers) January 11, 2022
In addition, users with Twitter accounts will be able to send and receive Bitcoin tips using Twitter’s tipping feature.
With the launch of its product in Argentina, Strike has planned a wider regional expansion in Latin American countries, starting with Brazil and Columbia. The Bitcoin app made its first foray into the Latin American market with the launch of its app in El Salvador.
Strike CEO Jack Mallers explained that Argentina has undergone repeated economic crises and hyperinflation. In 2022, its inflation will reach 55% annually, and GDP will shrink by approx. 12%. As a result, Argentina has increased its dependence on the US Dollar, with an estimated 10% of USD supply lingering in the country’s financial system.
There is now unprecedented demand for an open monetary system that lives within a distributed network, has a known monetary policy, a fixed supply, and is resistant to censorship.Argentina needs the best monetary asset and the best monetary network in human history: #Bitcoin— Jack Mallers (@jackmallers) January 11, 2022
“Utilizing Bitcoin and the Lightning Network, the Argentinian people can now hold a stable cash balance that can be spent both instantly and with no fees,” Mallers said in the statement. He added:
“This is a superior financial experience that legacy financial institutions have failed to deliver to the people of Argentina, further showcasing why Bitcoin is a superior monetary system that builds towards financial inclusion and helps re-instill basic human freedoms.”