Strike is a cryptocurrency-based wallet that also offers exchange services. It has now landed in Argentina and provides USDT integration for users. Jack Mallers is Strike’s CEO. He explained that the goal of bringing Strike to Argentina was to provide a safe and secure place for Argentinians who can hold cash. At launch, this will only be possible to hold USDT and not bitcoin.
Argentinians Get Stablecoin Integration with Strike
The popular cryptocurrency-based wallet Strike has opened in Argentina. This new platform allows Argentinians to save their money via stablecoins. Jack Mallers (Strike CEO) announced the development. He explained that the move to dollars is due to financial difficulties in Argentina.
Mallers said:
Unprecedented demand exists for an open, distributed monetary system with a known monetary strategy, a stable supply and resistance to censorship.
More Mallers explained that Strike, in its Argentinian installment, will offer “a stable cash balance that can be spent both instantly and with no fees.”
USDT powered
Although Strike is known worldwide for its Lightning Network and Bitcoin capabilities, its launch in Argentina was made with USDT. Some local media outlets found this strange, given that Mallers is a public supporter for the Bitcoin ecosystem and Strike has already implemented such services in El Salvador.
In Argentina, the most current version uses USDT (the popular stablecoin from Tether) as the backbone for users to store their value. USDT, the most important stablecoin project on the cryptocurrency market with a value of $78 billion dollars has a more than $78 million market cap. Strike’s USDT token uses an ERC20 token that uses Ethereum Blockchain.
However, as Strike is a custodial wallet, users won’t have to deal with the high fees that are plaguing some ethereum users currently, as transactions using Strike are free of charge. The wallet states that Bittrex will be used to custody the assets and is not responsible for custody of cryptocurrency stored in the wallet.
How do you feel about Strike Argentina’s launch? Leave a comment below.
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