Strike, a Bitcoin (BTC) payment provider based in Chicago, is expanding its services to 65 countries in parallel with the move of its global headquarters to El Salvador. Before its expansion, the mobile app was only available in the United States, El Salvador and Argentina.
According to Jack Mallers, the CEO and founder of Zap, the parent company of Strike, the expansion drive aims to combat the “clouded world of crypto exchanges and hidden, unregistered licensing regimes and 1,000 different coins.” Speaking to Fortune, Mallers revealed that the move to move its headquarters to El Salvador is a response to growing anti-crypto regulatory sentiment in the US.
In part, the regulations prevent Strike from offering its service in New York. On the other hand, El Salvador has introduced regulations that include crypto to attract technological innovations to the region.
3/ El Salvador is the center of Bitcoin adoption, and thus, economic freedom, financial sovereignty, resistance to censorship & unconfiscatable wealth.
When we issue the first of the volcano bonds, we are once again blazing the trail to this new monetary revolution.
– The Bitcoin Office (@bitcoinofficesv) January 11, 2023
During the discussion, Mallers spoke of El Salvador’s success in establishing Bitcoin as a legal tender. He believes that the adoption of entrepreneurs “is not what determines success.” However, he weighed the success of Bitcoin adoption in El Salvador in terms of other factors including increased tourism.
Strike will initially allow users in new global markets to accept Bitcoin only, however, Mallers has revealed plans to launch new features by the end of the year, including a debit card. For markets outside the US, Strike is able to pay in US dollars via Tether (USDT).
“Two years ago, people would make fun of me [for our] headquarters in El Salvador to launch a product for three billion people, but now Coinbase is fighting with Gary Gensler,” he said. “Who’s laughing now?,” concluded Mallers.
Related: US lawmakers point to perceived risks of crypto adoption in El Salvador with reinstated bill
Strike and crypto exchange Bitfinix are among the first crypto companies to obtain operating licenses in El Salvador.
We are now the first international digital asset platform in the world to receive approval for a Digital Asset Service Provider license under El Salvador’s new Digital Assets Issuance Law! A milestone for financial freedom in Latin America.@bitfinex https://t.co/88Mmmi5s6M
– Bitfinex Securities (@BFXSecurities) April 11, 2023
The Digital Asset Service provider license in El Salvador allows Bitfinex Securities “to facilitate the issuance and secondary sale of assets” with clearly defined jurisdictional rights and obligations.