Strike is a mobile payments app built on the Bitcoin Lightning Network, launched by Chicago-based fintech company Zap Solutions in 2020. Its core pitch is straightforward: move money faster and at lower cost by using blockchain rails instead of relying entirely on traditional payment intermediaries.
The source article places Strike within a remittance market still dominated by Western Union, Euronet, Moneygram, and PayPal. PayPal alone is said to hold just over 50% market share. Strike and similar blockchain-based payment apps are presented as alternatives that aim to compete on transaction speed and charges, especially where legacy cross-border transfers remain expensive or slow.
How account setup and funding work
To get started, users open an account by submitting their full name, email address, and phone number, then confirming both email and phone through verification prompts. Strike is available on Android, iPhone, and through the Chrome web store for desktop users. According to the article, the app is already available in more than 95 countries, with expansion still on the roadmap.
After registration, users need to add funds before making transactions. Strike includes a fiat on-ramp, letting users link a bank account or enter credit card details. The account-linking process relies on Plaid, which connects the app to financial service accounts. Once linked, funding the account is described as a simple step: enter the amount and send it to top up the balance.
Transfers, payroll in BTC, and recurring purchases
For standard transfers, Strike users connect a Bitcoin-compatible crypto wallet and enter the recipient’s wallet address. That is enough for smaller transactions. For larger amounts, the compliance bar rises. A top-up of $1,000 in BTC or more requires additional know-your-customer checks, including an address and Social Security number, which the article links to anti-money laundering requirements.
Strike also offers features beyond basic transfers. One is the option to receive paychecks in Bitcoin. Users can go to their profile, select direct deposits, and choose how much of their incoming funds should remain in USD and how much should convert to BTC. Another feature is recurring Bitcoin purchases, commonly associated with dollar-cost averaging. In the BTC tab, users tap “buy,” enter a USD amount, and set a purchase interval ranging from hourly to monthly. That feature, though, is only available to U.S. customers who have completed KYC verification.
Fees, cashback, and security
On costs, the article says Strike charges a Bitcoin blockchain-related fee for transactions on the platform. The stated on-chain cost is 1 Satoshi, described in the source as roughly $0.00059. Strike also offers cashback rewards when used for payments, with outlet- and product-specific returns ranging from 5% to 15% and no transaction fees. The tradeoff is coverage: the list of participating merchants is much smaller than the acceptance footprint of standard credit cards.
Security is framed in practical terms. The article says no payment app is risk-free, but Strike uses protections common to Bitcoin exchanges, including two-factor authentication. It also works with Prime Trust, LLC, a state-regulated trust company, to support the safety of user funds. In a review cited by the source, CryptoVantage gave Strike 4 out of 5 stars and highlighted its “nearly instantaneous transactions.”
As presented here, Strike is built around a narrow but clear value proposition: use Bitcoin’s Lightning layer to make payments and transfers quicker and cheaper than legacy rails often allow. Its feature set reaches beyond person-to-person transfers into payroll conversion, merchant payments, and automated BTC buying, though access to some tools depends on geography and compliance status.