Digital payment provider built on Bitcoin’s Lightning Network Strike announced that it has raised an $80 million funding round led by Ten31.
Strike is an application that allows users to make Lightning payments with either their bank account or debit card, without needing anything else.
The round saw participation by Washington University in St. Louis, USA, and the University of Wyoming, among other investors, as well as existing investors.
Ten 31 is a US platform investing in companies building infrastructure and technology in the Bitcoin (BTC) ecosystem. Since its launch, Ten31 says it has directed more than $100 million in equity to companies building on Bitcoin and the Lightning Network.
Grant Gilliam, co-founder and Managing Partner of Ten31, was quoted as saying that his company and Strike share a vision for “the positive impact bitcoin can have on the world and are mutually aligned on accelerating its adoption.”
Per the press release, the raised capital will be used to enhance its growth, as well as expand existing and launch new partnerships. It will be utilized to “drive Strike’s efforts to revolutionize payments for the largest merchants, marketplaces, and financial institutions in the payments industry,” said the team.
The crypto payments app saw this latest funding following the public launch of its flagship Application Programming Interface (API). The initial partners include major point of sale and e-commerce platforms such as Blackhawk, NCR, and Shopify.
Besides the API, Strike plans to release new product lines which would enable new types of customers, including large financial institutions and businesses, to both receive and send payments. These products would allow financial services to integrate Strike’s payments infrastructure without building an in-house solution.
Jack Mallers, founder and CEO of Strike, was quoted as saying that the company is “moving full speed ahead” to integrate Strike’s payments with leading merchants, as well as “globally, with a variety of businesses and partners to innovate and deliver on more financial inclusion.”
Therefore, Mallers further suggested, Strike is having discussions with a number of financial businesses, saying that:
“Enabling a cheaper, faster, and open payment network with some of the biggest financial institutions in the world isn’t fast and easy, but it’s happening. Every company that’s in the business of moving money is interested in superior payments, and we’re in talks with many of them.”
Meanwhile, the press release noted that Strike has seen “exponential growth on the consumer side of the business,” giving the number of over two million app downloads.