Strike rolls out Shopify partnership to facilitate Bitcoin transactions
In the Payment processing industry, which Strikes CEO Jack Mallers said Thursday has been stagnant for 55 years, the company unveiled a partnership with Shopify to facilitate bitcoin to cash payments over the Lightning Network.
The setup lives now with Los Angeles-based streetwear designer Warren Lotas, with the plan being to add additional merchants in the coming months, Mallers said at the Bitcoin 2022 conference in Miami.
Railing against a "boomeritis" credit card system that started when "rich dudes" didn't want to carry around wads of cash to buy caviar at high-end Manhattan restaurants, Mallers posited bitcoin as a solution to fees, transfer times, and settlement issues that plague the traditional financial system.
Not content with targetting the online payments market, Strike a digital payments platform based on the Lightning network has also moved to enable in-person transactions via Lightning. connected by a user's bitcoin wallet of choice. The company partnered with alternative payments processor Blackhawk and point-of-sake provider NCR to facilitate a transaction.
Dressed casually with his trademark hat, Mallers, through bits of laughter and profanity, presented himself as "just this kid from Chicago" in stark contrast to the buttoned-up CEOs' traditional finance.
"Payment networks have not innovated in over 50 years," Mallers said "That's insane...that's ridiculous."
Mallers has also been working with political heavyweights, including the bitcoiner Sen, Cynthia Lummis, R-Wyo, to "get this done"
This idea is to roll out in-person bitcoin payments at scores of retailers, including Chipotle, whole Foods, and Walmart.
There's no word yet on whether the companies have opted into the proposal or any reaction from old-school payment processors that rely on fees for moving money. Strike's transactions which are instantly settled, cut down parties from five to two the buyer and the seller.