Strike moves global headquarters to El Salvador, expands to 65 countries

Chicago-based bitcoin (BTC) payments provider Strike expanded its services to 65 countries in parallel with moving its global headquarters to El Salvador. Prior to its expansion, the mobile app was only operational in the United States, El Salvador, and Argentina.

According to Jack Mollers, CEO and founder of Zap, Strike’s parent company, the expansion drive aims to “combat the murky world of crypto exchanges and their hidden, unregistered licensing regimes and 1,000 different coins.” Speaking To Fortune, Mollers revealed that the move to move its headquarters to El Salvador was a response to growing anti-crypto regulatory sentiment in the US.

On the one hand, regulations prevent Strike from offering its service in New York. El Salvador, on the other hand, introduced crypto-inclusive regulations to attract technological innovations to the sector.

3/ El Salvador is the epicenter of bitcoin adoption, and thus, economic freedom, financial sovereignty, censorship resistance and untraceable assets.

When we issue the first Volcano Bond, we will once again open the way forward for this new monetary revolution.

– The Bitcoin Office (@bitcoinofficesv) January 11, 2023

During the discussion, Möllers talked about El Salvador’s success in establishing bitcoin as legal tender. He believed that merchant adoption was “not defining success.” Instead, he weighed the success of El Salvador’s bitcoin adoption against other factors, including growth in tourism.

Strike will initially only allow users in the new global markets to receive bitcoin, however, Mallers revealed plans to launch new features by the end of the year, including debit cards. For markets outside the US, Strike will enable US dollar payments via Tether (USDT).

“Two years ago, people would have made fun of my (for us) headquarters in El Salvador for launching a product for three billion people, but now Coinbase is fighting with Gary Gensler,” he said. “Who’s laughing now?,” concluded Möllers.

Connected: US lawmakers target perceived risks of crypto adoption with re-introduced bill in El Salvador

Strike and crypto exchange Bitfinix were among the first crypto companies to acquire operational licenses in El Salvador.

We are now the first international digital asset platform in the world to receive approval for a Digital Asset Service Provider License under El Salvador’s new Digital Asset Issuance Law! A milestone for financial freedom in Latin America.@bitfinex https://t.co/88Mmmi5s6M

— Bitfinex Securities (@BFXSecurities) April 11, 2023

El Salvador’s Digital Asset Service Provider License allows Bitfinex Securities to “facilitate the issuance and secondary trading of assets” with clearly defined rights and obligations in the jurisdiction.