In a move to combat the complexities of the crypto landscape, Chicago-based Bitcoin (BTC) payment provider, Strike, has announced the expansion of its services to 65 countries, along with relocating its global headquarters to El Salvador. Previously, the mobile app was operational only in the United States, El Salvador, and Argentina. Strike CEO Jack Mallers envisions a simplified world complimentary to the current “clouded world of crypto exchanges and hidden, unregistered licensing regimes and 1,000 different coins.”
The decision to move to El Salvador comes as a response to the growing anti-crypto regulatory sentiments in the U.S., with regulations in states such as New York preventing Strike from offering its services. In contrast, El Salvador has introduced crypto-inclusive regulations in an effort to attract technological innovations to the region. The country is regarded as the epicenter of Bitcoin adoption and has reaped numerous benefits from this, including increased tourism.
However, it’s worth noting that there’s uncertainty over what defines the success of El Salvador’s endeavor of making Bitcoin a legal tender. Merchant adoption, according to Mallers, isn’t the determinant factor. Rather, the other benefits accrued from this venture are the metrics to gauge success.
Initially, newcomers to Strike’s expanded market will only be able to receive Bitcoin as the provider aims to launch additional features by the end of the year, such as a debit card. For markets outside the US, U.S. dollar payments will be enabled via Tether (USDT).
Mallers’ vision and the company’s strategy seem to be paying off, as demonstrated by competitors like Coinbase dealing with regulatory clashes stateside. Strike and crypto exchange Bitfinex were among the first crypto companies to receive operational licenses in El Salvador. These licenses permit Bitfinex Securities “to facilitate the issuance and secondary trading of assets” with clear rights and obligations.
While the future of cryptocurrency regulation remains uncertain, especially in the U.S., companies like Strike are paving the way for an alternative route. By relocating to jurisdictions more favorable to digital asset adoption, these pioneers challenge the status quo and promote increased innovation and financial freedom. However, the perennial question surrounding the sustainability and stability of such emerging economies incorporating cryptocurrency at their core still remains unanswered.
Source: Cointelegraph
