TLDR
- Strike has broadened its reach, now offering services in the United Kingdom.
- With its operations now spanning over 100 global locations, Strike continues its worldwide expansion.
- Individuals in the UK can engage in a variety of Bitcoin-related activities like buying, selling, sending, and withdrawing as well as making international transactions using the Bitcoin and Lightning Network platforms.
- UK regulations require users to complete an 'Appropriateness Assessment' quiz to understand the risks associated with Bitcoin.
- Strike's move comes as a few other cryptocurrency platforms have been withdrawing from the UK.
Strike, the popular Bitcoin payments app, has formally started offering its services in the UK , marking a meaningful advancement in its international reach. This move aligns with Strike's strategic growth initiative, already extending its services across 100+ countries.
Spearheaded by Jack Mallers, Strike seeks to enhance Bitcoin's usability for daily transactions via its mobile platform, utilizing the Lightning Network for efficient and budget-friendly transactions. Following initial expansion into Europe and Africa, the app makes its UK debut this year.
With its large population and status as the world's sixth-largest economy, the UK holds 'tremendous potential for embracing Bitcoin,' according to Mallers. This expansion stands out particularly as several other crypto entities have recently exited the UK due to complicated regulatory landscapes.
Through its UK launch, Strike brings a host of unique features for its users. Individuals can acquire Bitcoin directly, leveraging free and limitless GBP transfers from their bank accounts, depending on provider support.
The application offers seamless currency exchanges, options for scheduled Bitcoin purchases, and features like self-custody withdrawals. Users can exchange Bitcoin, retrieve funds to traditional bank accounts, transfer them to personal wallets, or make immediate payments via Bitcoin or the Lightning Network.
Strike distinguishes itself with its use of the Lightning Network, which is a secondary layer built on the Bitcoin blockchain.
This technological advancement facilitates swift and economical smaller transactions, providing a solution for Bitcoin's existing scalability challenges. Every Strike customer is issued a Lightning Address, [email protected] , which simplifies payment receptions in contrast to the complex nature of typical Lightning invoices.
Strike's international peer-to-peer transfer feature allows British users to instantly transfer funds from their GBP account to others on Strike anywhere the service is active. Recipients can receive their funds in Bitcoins, British pounds, euros, US dollars, or USDT, based on their geographic preferences.
Notably, Strike's 'Send Globally' functionality allows UK users for quick, economical remittances in local currencies to nations like Benin, Ghana, Ivory Coast, Kenya, Nigeria, Rwanda, Senegal, Togo, the Philippines, Mexico, and Vietnam.
Utilizing Bitcoin's Lightning Network as a global transaction platform, this feature has the potential to revolutionize the traditional money transfer industry.
UK Regulation
For adherence to UK's legislative requirements, Strike has introduced several stages in its new user registration. Individuals must declare their investment type and complete a test known as an 'Appropriateness Assessment.'
This evaluation is intended to ensure participants recognize the risks tied to Bitcoin investments, acknowledge Strike's role as a custodial service managing user assets, and understand the absence of investor protection provisions.
User classification includes either 'Restricted investors' (investing less than 10% of net wealth in high-risk assets) or 'High net worth investors' (monthly income above £100,000 or net worth surpassing £250,000). Users not qualifying under these categories currently face restrictions from Strike's services in the UK.
An educational section called Strike Learn is available in the app to broaden users' knowledge about the platform, Bitcoin, and potential risks involved. UK constituents are alerted to risks in line with national laws, and promotions are approved by FCA-monitored firm Englebert Ltd.
Strike's penetration into the UK occurs amidst changing regulations surrounding cryptocurrency within the country.
The UK's Financial Services and Markets Act 2023 sets a regulatory foundation for overseeing activities including stablecoins, bringing them in line with conventional financial service regulations. New marketing standards were also set for cryptocurrency firms in October 2023.
Jack Mallers shared the company's aspiration to further Bitcoin adoption irrespective of complex regulations. 'Our mission is far from over,' he noted, emphasizing Strike's pursuit to enhance Bitcoin accessibility for individuals and businesses globally.
