The recent Bitcoin craze may have been caused by the approval of ETFs in the US, but blockchain entrepreneur Jack Mullers wants to expand Bitcoin's availability in Europe. .
His company, Strike, announced on Wednesday that it will release a Bitcoin-focused app that includes buying and selling services in addition to payment tools for customers across Europe, excluding the UK.
In an interview with luck, Mallards, 30, said he believes Europe is Strike's second-biggest market after the U.S., and as Bitcoin's price has soared in the past few months, Strike is facing a competitive landscape that includes Coinbase, eToro and BitPanda. will be entering into. Robinhood also announced in December that it would expand its cryptocurrency services to Europe.
“I don't think Europe is that crowded, at least compared to the United States,” Mallards said. luck. “We think Bitcoin is the greatest innovation of our lifetime, and we want to be one of the best companies in the world in its field.”
Bitcoin rise
While competitors like Coinbase and Kraken offer a variety of cryptocurrencies from Ether to Dogecoin, Strike, founded in 2019, takes a Bitcoin-first approach to its cryptocurrency services.
Strike has been experimenting with its payment services, including implementing compatibility with the Lightning Network, a Layer 2 protocol that enables faster and cheaper transactions, and partnering with Twitter for a tipping feature.
After raising $80 million in September 2022, just two months before the FTX collapse rocked the crypto market, Strike continues to expand its payment tools. In late 2022, the company introduced a feature called “Send Globally,” which allows users to send money between different currencies using Bitcoin as an intermediary. It has also moved its world headquarters to El Salvador, where President Nayib Bukele has embraced Bitcoin as he faces accusations of authoritarian behavior.
With ETF approval expected, Bitcoin will break out of its slump rut at the end of 2023. After the official announcement in January, the cryptocurrency's price rose to an all-time high of over $70,000 in March and remains above $60,000.
Mallers said that despite Strike's focus on payment tools, customer demand was primarily for trading and custody services. Strike brought its custodian operations in-house in June following the bankruptcy of its previous custodian, Prime Trust.
He expects Bitcoin to continue its upward trajectory, especially amid inflation concerns. “Interest rates above 5% and gold at record highs tell you everything you need to know about how markets and the world feel about confidence and deficits,” Mallers said. ” he said.
European expansion
Mallars is betting that by expanding Strike to Europe, consumers will value the platform's Bitcoin strategy more than competitors who may be distracted by other areas of cryptocurrencies. (A spokesperson declined to say how many countries the app will be available in.)
“We are seeing a world where everyone is ultimately going to want a high-quality Bitcoin experience rather than a diluted crypto experience,” Mallers said. luck. “As cycles go by and things like FTX and Binance happen, a lot of people lose confidence in things like Dogecoin. In my opinion, they should never have had that confidence in the first place. .”
He said that because of Strike's focus on Bitcoin, it charges lower fees to buy and sell assets than other platforms like Coinbase. He added that in early trials in Europe, Strike will also facilitate lower-cost USD to EUR exchange via Bitcoin than traditional money transfer platforms like Wise.
Strike offers Tether to users in Latin America and Africa, but Mallers said the app will not include a stablecoin in its European launch due to low demand. Citing a recent interview with Tether CEO Paolo Ardoino, he said there is less appetite in the US and Europe, where consumers are not looking to hedge against fluctuations in their currencies.
Expansion in Europe is an ambitious next step for the company, which has around 70 full-time employees. Mallars said Strike is profitable, with 100% month-over-month growth, and that the company is funneling some of its profits into Bitcoin through its own treasury.
“We are focused on owning as much Bitcoin as possible,” Mallers said. luck. It's a spirit he follows in his personal life as well.in Post to X Earlier this year, the founder declared that he no longer owns the US dollar.
