On Thursday evening, the company announced the release on Twitter, telling users that they can now "take Strike anywhere and earn rewards on everyday spending" and that the rollout will begin with a waitlist.

Strike is a well-known app built on the Lightning Network, a Layer 2 protocol designed to accelerate Bitcoin-based transactions. In April, CEO Jack Mallers announced a partnership with Shopify that would allow merchants to accept cryptocurrency payments while receiving dollars.

The company stated in a series of tweets that users would be able to use the new card for direct deposits, being paid in bitcoin, buying bitcoin, sending and receiving money, spending funds with Apple Pay and Google Pay, and earning rewards.

It also stated that 1% of all profits from the card would be donated to open-source Bitcoin development.

In a recent funding round, Lightning Labs was backed by Valor Equity Partners and Baillie Gifford. The company helps guide much of the progress within its network, which has helped it grow tremendously in less time than other cryptocurrencies have been around.

The collaboration with Shopify, alternative payment provider Blackhawk Network, and point-of-sale supplier NCR will develop a new US payment system that allows merchants to quickly receive payments in dollars after customers pay with cryptocurrency.

The Lightning Network-based system will support online purchases from Shopify merchants and point-of-sale transactions at many large chain stores.

Mallers displayed a list of major U.S. companies, including McDonald's, CVS, Walgreens, Whole Foods, and Wal-Mart, as well as several other grocery stores and restaurants, that he claims would be able to accept payments in this manner.

Posted 
Aug 12, 2022
 in 
Crypto News
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