Digital payment company Strike is extending its international remittance service—powered by the Bitcoin Lightning Network—to the Philippines, targeting the country's $35 billion remittance market, one of the largest globally.
How Send Globally Works
The service, Send Globally, launches in the Philippines with the following workflow:
- Conversion: The Strike app converts USD to Bitcoin.
- Lightning Transfer: Funds are sent via Lightning Network to a local partner (e.g., Philippine-based Pouch.ph).
- Payout: The partner converts Bitcoin to local currency and deposits it into the recipient’s bank or mobile money account.
👉 Discover how Lightning Network transforms cross-border payments
Key Advantages
- Cost-Effective: Lightning Network reduces transaction fees.
- Speed: Near-instant settlements compared to traditional remittance channels.
- Accessibility: Partners handle local currency conversion, simplifying adoption.
Expansion Strategy
Send Globally already operates in three African nations, with plans to scale further. This aligns with Strike’s mission to leverage Bitcoin for financial inclusion in high-remittance corridors.
FAQ Section
Q: How does Lightning Network improve remittances?
A: It bypasses slow, expensive intermediaries by settling transactions on Bitcoin’s Layer 2.
Q: Is Strike available worldwide?
A: Currently focused on select markets, including the Philippines and parts of Africa.
Q: Are funds converted automatically to local currency?
A: Yes—partners like Pouch.ph ensure seamless conversion and delivery.
Why This Matters
The Philippines receives $35B+ annually in remittances. Strike’s entry could disrupt traditional providers (e.g., Western Union) by offering:
- Lower fees (~1% vs. 5–10%).
- Transparency via blockchain tracking.
👉 Explore Bitcoin’s role in global finance
Related Trends
- Bitcoin Adoption: Emerging markets lead in crypto-based remittances.
- Layer 2 Solutions: Lightning Network’s scalability drives real-world use cases.
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