Shopify will offer the Bitcoin payment option of the partnership with Strike

Chicago-based payment app Strike has integrated with global e-commerce giant Shopify, so merchants can accept Bitcoin payments through the Bitcoin Lightning Network.

The announcement was made by Strike CEO Jack Mallers, who also unveiled a series of high-powered partnerships for Bitcoin’s Lightning Network at the Bitcoin 2022 conference in Miami on Thursday, including integration with Shopify.

Shopify is the 18th largest e-commerce company in the world with annual revenue of around $4.6 billion, according to Macrotrends, a financial market research site. Its service allows merchants to create an online store in 175 different countries.

Read: Amazon could start accepting cryptocurrency payments this year

What they say

  • According to Maller, “You are going to be able to walk into millions of US storefronts that connect to Payments Pillars and pay on the Lightning Network.
  • “If we can help make the Bitcoin network more accessible and usable, we believe we can change the world.”
  • He further explained that leveraging Bitcoin as a cheap payment network is key to this, contrasting it with the “caviar-eating” history of baby boomer bank-issued credit cards that , according to him, have not innovated (beyond the integration of intermediaries and their fees) for years. .
  • According to Mallers, one of the main advantages of using Bitcoin through the Lightning Network is that payments are settled almost instantly, as opposed to the “two to 15 day late settlement” he cited as a downside of the methods. current electronic payment systems. He added that instant settlements help consumers and merchants complete their accounting work and know their exact balances faster.

Read: Twitter partners with Strike to add Bitcoin to its tipping feature

Mallers also revealed that Strike, known for its work in El Salvador providing Bitcoin payment options in the Latin American nation, has partnered with NCR, the world’s largest point-of-sale (POS) provider, and the payment company Blackhawk.

The company generates $2.5 billion in annual revenue, and its website says it offers products in more than 400,000 storefronts in 28 countries.

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