Strike, the company founded by Jack Mallers, has released the documentation for a tool that allows sending dollars through the Bitcoin networkwith instant confirmation of transactions taking place over the Lightning Network (LN).
Mallers rose to prominence after helping El Salvador adopt Bitcoin as legal tender and bring his solution to the country.
In a note from last Tuesday (14), he said he believes he can help people from all over the world transfer dollars quickly without needing stablecoins.
The novelty is drawing attention at a time when stable currencies are under intense pressure from regulators around the world.
Sending dollars through the Bitcoin network is becoming a reality
According to Jack Mallers, using traditional old system tools for transferring dollars around the world is no longer necessary.
This is because, when sending a dollar through the Bitcoin network, with LN, global transactions are instant and much cheaper. That is, using SWIFT, Visa, ACH or other systems no longer makes sense.
The new feature comes to serve businesses and developers, who can easily configure dollar sending. For Jack Mallers, his tool shows bitcoin’s potential for new payment experiences.
“The Strike Sending API now has documentation public! Enterprises and developers can now use the Strike API to send US dollars over the Lightning Network. Cheaper, faster, global and superior payment experiences on the world’s open currency network.’
The @Strike Submit API documentation is now public!
Businesses and developers can now use the Strike API to send US dollars over the Lightning Network
Cheaper, faster, global, superior payment experiences on the world’s open monetary network#Bitcoinhttps://t.co/HmQHUp3Lt1
— Jack Mallers (@jackmallers) February 14, 2023
End of stablecoins?
Stablecoins were created to act as a bridge between the world of cryptocurrencies and the world of fiat currencies. This ultimately allows users to reap the benefits of cryptocurrencies, such as transaction speed and decentralization, while maintaining stable value against fiat currencies.
But with successive crises in the industry, the use of such currencies is going through a crisis, especially in the United States. For example, Paxos was ordered to stop issuing Binance USD last Monday (13).
In a note, Jack Mallers believes his new solution will make it possible to send dollars via bitcoin without headaches for businesses, many of which today suffer from stablecoins and pressure from regulators.
“No need to own/spend bitcoin, face volatility, run into taxable events, deal with additional accounting or deal with legal/compliance headaches.
Bitcoin is the only monetary network in the history of mankind that can handle (micro) payments worldwide, for any service, instantly and free of charge. International payments, micropayments, commerce, gaming and much more. This creates never-before-seen payment experiences.”
#Bitcoin is the only monetary network in the history of mankind that can settle (micro) payments worldwide, between any service, instantly and free of charge.
Cross-border payments, micropayments, commerce, gaming and more.
This enables payment experiences that were not possible before.
— Jack Mallers (@jackmallers) February 14, 2023
Despite the good news for bitcoin fans, Mallers did not disclose whether any company is already using the solution presented to the public, which could change the way money is sent around the world.
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Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
