Shopify to list Bitcoin as payment option in partnership with Strike
Shopify – The global e-commerce giant has commenced integration with payment application Strike to enable merchants accept payments in Bitcoin through the Bitcoin lightening network.
Jack Mallers, the Strike CEO announced this partnership recounting the unveiling of high-powered partnership for Bitcoin’s lightening network during the flagship crypto’s 2022 conference in Miami.
What is Shopify?
Shopify is an online selling platform and a great option for small businesses of all sizes. As a business owner you can create and develop a store on shopify to promote, sell and ship your products to buyers.
By world rating Shopify is the second most popular e-commerce builder in the world, this is attributed to its low barrier to entry.
You have the flexibility to either sell your product online or offline at any time.
As a subscription based e-commerce platform, businesses of all sizes can sell physical and digital products.
What is Strike?
Strike is a payment system that uses Bitcoin technology to offer instant payments to users globally, with no added fees. You can use Strike to pay your friends, buy goods and services online, make micropayments, tip content creators as well as buy and sell Bitcoin.
To offer these services Strike partnered with Prime Trust, LLC, a state regulated trust company which holds your funds in custody and enables funds transfers.
Following this integration, eligible Shopify merchants can receive Bitcoin payments from customers globally as U.S. dollars.
Jack Mallers in his reaction said,
“We’re proud to partner with Shopify to provide merchants with a cheaper and faster way to accept U.S. dollars using Bitcoin technology.
“The lightening 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.”
What Shopify merchants stand to gain with Strike integration
- Merchants can accept payments globally and save cost on processing fees, with cash-final statement.
- With the strike integration merchants will diversify their existing payment options and reach untapped global markets and purchasing power.
- Merchants can as well as generate savings through low-cost payment processing by instantly converting Bitcoin payments to dollars, Strike removes certain complexities merchants face in holding Bitcoin
- Strike integration offers a real alternative experience to traditional card networks by leveraging the underlying technology of the Bitcoin lightening network to allow for instant, global, cash-final payments while also eliminating legacy processing fees like interchange.
- Strike’s integration is accessible by any consumer in the world with Bitcoin Lightening Network-enabled wallet, including more than 70 million CashApp users.
Conclusion
With this partnership enlisted alongside existing ones, Bitcoin acceptability can only get better, it has been perceived as a veritable option to drive digital payment accessibility, ease of making such payments, eliminating origination and sundry fees.
With this, the centralized payment systems are getting even weaker, but who doesn’t want to associate with best of options? Bitcoin is a moving train that can’t be stopped instead sentiments against its advancement over the years have been watered down.
Most critics are beginning to believe in the viability of Bitcoin network, its ability, modification and how much lives have been impacted especially driving financial inclusion, indeed, Bitcoin is the moment, crypto is happening.
