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The app connects Bitcoin and Lightning Network payments directly to a bank account

July 6, 2020

Jack Mallers, Developer of Zap Lightning wallet, announced the launch of its new application for iPhone, Android and Chrome on July 2nd, Allows users to send and receive Bitcoin (BTC) and Lightning Network payments directly to and from a bank account.

strikethat has already entered the public beta phase, Allows interaction with the Bitcoin and Lightning protocols without the need for a wallet, seed, channels, liquidity or white paperKYC protocols (Know Your Customer) are kept to a minimum.

Jack Mallers wants Bitcoin to be more widely accepted. For this he created 2018 Zap, one of the first desktop wallets to make Lightning Network’s functions accessible through a user-friendly interface.

The app connects Bitcoin and Lightning Network payments directly to a bank accountThe app connects Bitcoin and Lightning Network payments directly to a bank account

Also, as Cointelegraph reported, last autumn Mallers announced his intention Development of a platform that offers instant purchases with Bitcoin debit cards via LN. Strike is the result of this work and somehow exceeds its original purpose.

Although you can buy Bitcoin with a debit card or bank account with Strike, It can also be used for transfers and personal payments, micro payments and purchases both online and offline.

It also comes with a social media profile, strike.me, as Allows users to accept free payments from anywhere in the world using an online QR code. Payments received are immediately converted into fiat currency.

Above all, confidentiality

One of Main goals Mallers was comply with regulations while reducing KYC and anti-money laundering (AML) proceduresin the following words:

“The last thing I want is to introduce a new demographic group of users to Bitcoin, and then have them treated as criminals once they download Strike.”

Instead of being more careful, He met with lawyers and trained regulators to find out how much KYC / AML was “good enough”.

With an average payout value in the private beta model of around $ 27, no massive collection and identification of information is required. Most users of the application only need to enter a name and a phone number.

Some states are excluded and Strike will initially not be available in these regions.

This is just the beginning

Mallers has big plans for Strike’s future. A Strike Visa debit card is reported to be in progress, along with a reward program through partner stores and recommendations for friends and family.

Strike is also working on supplying dealers Tools for processing contactless paymentsAn improved e-commerce system is also being implemented.