Strike app comes to the UK

Jack Mallers, CEO and founder of financial app Strike, is bringing his invention to the UK, enabling the use of P2P payments in Bitcoin by leveraging Lightning Network technology.

Thanks to Strike, those now residing in the United Kingdom, after passing the “Appropriateness Assessment” knowledge test, will be able to freely transfer Bitcoin via the “Send Globally” function.

This is a big step forward for the widespread adoption of cryptocurrency and the L2 Lightning Network.

Let’s see all the details below.

Strike app brings Bitcoin Lightning Network transfers to the UK

Strikethe financial app based on Bitcoin Lightning Network payments, has officially landed in the United Kingdomsignificantly expanding its target market, which now includes 100 countries around the world.

The news came straight from the post on Strike’s official X profile, where the “Strike UK” section was featured and all Bitcoin-enabled services were introduced to Europe’s largest island.

Starting today, the country’s 67 million residents will be able to use the app to buy, sell, send, withdraw or make global cryptocurrency payments.all at a reduced cost and with high speed of execution guaranteed thanks to layer-2 Lightning Network technology.

Jack Mallers, CEO and founder of Strike, used this saying to describe the expansion of his project into the United Kingdom, which represents the global economy:

“We are extremely pleased to offer our services in the UK, in compliance with local regulations for Bitcoin and Crypto companies. As some Bitcoin companies have pulled out of the UK, we are expanding our presence, doubling down on our commitment to increased Bitcoin adoption globally and advancing financial innovation and inclusion in the UK .

With immediate effect, users in the UK can deposit GBP into the Strike app (iOS and Android) without limitations from their bank account, automatically converting DECREE currency in Bitcoin, schedule recurring purchases and, of course, make withdrawals.

Registering for the application is very simple and to create a Bitcoin wallet associated with a Lightning address, only an email format like [email protected] is requiredsignificantly simplifying the usual cryptographic registration process.

The company behind the visionary Jack Mallers also revealed that customers can transfer their Bitcoins inside as well. non-custodial wallets which use Lightning Network technology, taking advantage of instant payments.

Additionally, Strike offers the ability to make free on-chain withdrawals, avoiding negative experiences with network congestion. However, this last function requires a confirmation time of approximately 24 hours.

The specialty of Strike, however, refers to the possibility of executing transfers in any region of the world activated with the application, taking advantage of the “send worldwide“Feature that allows you to convert GBP to foreign currencies in eligible countriesincluding Benin, Ghana, Ivory Coast, Kenya, Nigeria, Rwanda, Senegal, Togo, Philippines, Mexico and Vietnam, using Bitcoin’s Lightning network as the underlying technology.

Strike’s UK launch follows another recent expansion initiative from the payments company which debuted in April beginning on European territory.

For Bitcoin, this is a great opportunity to expand its pool of active wallets and introduce the trustless qualities of the cryptocurrency to a new audience.

Strict Cryptocurrency Regulations in the UK

Strike’s entry into the United Kingdom is, however, not exempt from specific regulatory obligations for crypto businesses that trade cryptocurrencies like Bitcoin.

All the users UNITED KINGDOM who wishes to use the application to transfer money in BTC with Lightning technology must indeed pass a knowledge test called “Relevance assessment“.

It is a simple questionnaire in which investors are asked to provide information about their financial situation and place themselves in specific categories.

In detail Users have two classification options: “Investitore con restrictions” and “Investitore con un patrimonio netto elevato”.

Prime investors allocate less than 10% of their assets to high risk investmentslike those for cryptocurrencies, while the latter refers to individuals who have earned more than 100,000 pounds, equivalent to $127,000, or who have a net worth above 250,000 pounds, equivalent to $317,000.

If neither of these two options apply to a specific topic, the Strike app indicates:

“If none of these statements apply to you, you are not eligible to use Strike at this time.”

The regulatory obligations imposed in this area by the United Kingdom’s Financial Conduct Authority (FCA), which considers Bitcoin a “limited mass market investment”, requires investors to also take an understanding quiz on the risks associated with cryptocurrency investments and wait 24 hours after passing it.

The same FCA in 2021 had banned the exchange of crypto derivatives and exchange-traded products with retail investors, limiting the country’s expansion into Bitcoin markets to only AND N which landed on the London Stock Exchange in March this year.

The UK is seeking to regulate the crypto industry alongside Europe through the Micasometimes even slowing down the development of the sector: in December, new regulations for the control of the sector Digital Titles Sandbox was introduced with the aim of facilitating the adoption of digital assets across all financial markets under the supervision of the Bank of England and the FCA.

However, the result was not as expected, because some companies, including the famous exchange Bybit, found themselves forced to suspend their services in the country due to strict impositions.

By the end of July, with the support of Treasury Minister Bim Afolami, a new regulatory framework for crypto activities could arrive, presumably more inclusive than the current one.

We hope that with Strike and with the new legislation, the UK can rediscover the passion for investing in cryptocurrencies and the freedom to trade Bitcoin without many limitations with the support of the Lighting Network.

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