Despite regulatory uncertainties forcing crypto firms like Bittrex to withdraw from the U.S. market, digital payment app Strike has confirmed that its primary headquarters remains in Chicago.
The announcement came after the inauguration of its new central office in El Salvador, which serves as a hub for its global operations. The move allows the company to extend its reach to over 65 nations, potentially as a starting point for further expansion.
The El Salvador headquarters was announced last week during CEO Jack Mallers’ keynote speech at the Bitcoin 2023. In his speech, Mallers compared the supportive Bitcoin environment in El Salvador and the situation in the U.S.
Mallers drew attention to the ongoing dispute between the U.S. Securities and Exchange Commission (SEC) and Coinbase CEO Brian Armstrong. He noted that events such as Coinbase receiving a Wells notice from the SEC in March reflected a regulatory crisis in the country.
“And we’re going global, headquartered out of El Salvador. It’s really f*cking awesome, it’s really a beautiful thing,” Mallers said.
Strike will maintain a dedicated U.S. entity responsible for managing its domestic market operations while overseeing its global operations through the El Salvadoran-based entity.
“We’re living in a country right now where the SEC is fighting with Brian Armstrong.”
Jack Mallers, Strike CEO
Tether’s integration
Strike revealed the integration of the world’s largest stablecoin Tether’s USDT, during the Bitcoin 2023 event. Alongside the move, the company introduced an updated app design that supports USDT.
By incorporating USDT, Strike aims to tackle significant hurdles that hinder the broader adoption of cryptocurrencies, particularly the volatility associated with crypto-assets.
Through the integration, Strike plans to create a dependable link between the crypto realm and traditional financial systems, providing a reliable bridge. It also aims to mitigate exposure to price fluctuations, leveraging the stability USDT offers.
Tether announced that users can now seamlessly convert their digital assets into fiat currency using its stablecoin as an intermediary. The development is expected to help overcome the liquidity obstacles that have historically impeded widespread adoption of cryp[to technology.
Commenting on the company’s integration with Strike, Tether CTO Paolo Ardoino said it marked a significant milestone for the crypto industry. He emphasized that the move signified the increasing acceptance of stablecoins as dependable and effective digital payment solutions.
Ardoino insisted that the partnership would be pivotal in accelerating the global adoption of digital currencies. He also said this collaboration would foster innovation and create a more inclusive financial ecosystem that benefits everyone.
Strike’s global expansions
Establishing a new office in El Salvador and integrating Tether into its platform are part of Strike’s ambitious global expansion plans, aiming to tap into a vast customer base of approximately 3 billion people.
The expansion will allow wallet users in India, South Korea, Sri Lanka, Bhutan, Brazil, Ecuador, Guatemala, Honduras, Kenya, New Zealand, Paraguay and Uganda to send and receive payments in USD and BTC.
Mallers explained that the company’s expansion would cater mainly to those needing improved payment solutions and advanced technology. He mentioned that their focus lay on regions commonly referred to as the “global south.”
Earlier this year, Strike partnered with fintech leader Fiserv to integrate Bitcoin’s lightning network into point-of-sale terminal provider Clover. The payment app also integrated Shopify in November to allow merchants to accept Bitcoin payments in U.S. dollars.
