Strike, a Bitcoin-based payment network and financial app, is expanding to the Philippines to grow cross-border payments and remittance markets.
“The Philippines is one of the biggest remitting markets in the world, especially from the United States,” Jack Mallers, CEO of Strike, said to TechCrunch. In 2021, about $12.7 billion in cash remittances was sent from U.S.-based Filipinos to the Philippines, according to Statista data.
“As far as the technology we build, it’s one of the lowest-hanging fruits — international payments are a huge pain and always have been. There’s been incremental innovation from SWIFT and Western Union, but it’s still incredibly difficult.”
Even across Western countries, traditional cross-border money transfers services are slower as bank transfers can take multiple days for...
