Bitcoin payments app Strike has begun operations in the United Kingdom, marking its latest move in an aggressive global expansion strategy. This launch comes on the heels of the app’s recent roll-outs in Europe and Africa earlier this year.
Expanded Operations in the UK
As of now, customers in the UK can use the Strike app to buy, sell, and withdraw funds. The app allows users to send and receive both bitcoin (BTC) and sterling, broadening their options for cryptocurrency transactions. This expansion into the UK follows the company’s April launch in Europe and its earlier debut in Africa.
Global Expansion Strategy
Strike, which operates in over 100 countries and territories, continues to grow despite some crypto companies retreating from the UK market. The company emphasizes its commitment to fostering bitcoin adoption worldwide. With a population of 67 million, the UK is the second-largest economy in Europe and the sixth-largest globally, presenting significant opportunities for bitcoin adoption, according to Strike.
Compliance and Regulatory Measures
The company will manage its UK operations from its European base, ensuring compliance with local regulations. Engelbert, a firm registered with the Financial Conduct Authority (FCA), will oversee compliance with crypto promotion regulations.
Developed by the Chicago-based startup Zap Solutions, Strike allows customers to send and receive money globally, similar to apps like Cash App or PayPal. Launched in the US in 2020, Strike leverages Bitcoin’s Lightning Network for faster and cheaper payments.
Strike’s aggressive expansion reflects a strategic effort to capitalize on the growing acceptance and usage of bitcoin. By entering the UK market, Strike aims to tap into a significant economic region, enhancing its global footprint and fostering broader bitcoin adoption.
Key Points
• Launch: Strike is now available in the UK.
• Global Presence: The app operates in over 100 countries and territories.
• Capabilities: Users can buy, sell, and withdraw funds, and send and receive bitcoin and sterling.
• Compliance: Engelbert ensures adherence to UK regulatory requirements.
• Development: Created by Zap Solutions and launched in the US in 2020.
• Technology: Utilizes Bitcoin’s Lightning Network for efficient payments.
This launch signifies Strike’s commitment to expanding its global operations and supporting the adoption of bitcoin as a mainstream payment method.
