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The Chicago based payment application Strike has confirmed that it has integrated with the Shopify ecommerce platform, promising quicker and cheaper payments. Eligible Shopify merchants can now receive Bitcoin payments denominated in United States dollars.
Lightning Strike Out
So what does this news really mean for e-tailers? The Strike digital payments platform is constructed on Bitcoin’s Lightning Network (LN), a ‘layer 2’ scaling solution designed to enable faster and cheaper transactions.
CEO and founder of Strike, Jack Mallers, commented: “We’re proud to partner with Shopify to provide merchants with a cheaper and faster way to accept US dollars using Bitcoin technology. The Lightning Network is a global payments network that lowers costs, enhances speed, drives innovation, improves financial inclusion, and brings the power of choice to consumers and merchants.”
Strike conveyed that the Shopify integration meant merchants using the platform could accept payments from across the world, whilst saving money on processing fees with a cash-final settlement. The payments platform added that the option of Strike allowed Shopify based stores to expand on their existing accepted payment methods and reach untapped global markets and purchasing power. Strike removes certain complexities merchants face in holding bitcoin by instantly converting bitcoin payments to dollars.
Strike’s press release on the Shopify integration further explained that it offered ‘an alternative experience to traditional card networks by leveraging the underlying technology of the Bitcoin. Lightning Network allows instant, global, cash-final payments while also eliminating legacy processing fees like interchange.’
Presuming their favourite Shopify-based store has adopted Strike, shoppers who wish to take advantage of this option can do so from anywhere in the world, provided that they have a Bitcoin Lightning Network-enabled wallet.
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