Strike CEO Jack Mallers announces partnership with Shopify and new payment network
Mobile payment app Strike has teamed up with Shopify, alternative payment provider Blackhawk Network and point-of-sale provider NCR to create a new US payment system that allows merchants to quickly receive dollar payments after people paid with crypto.
The Lightning Network-based system will work with online purchases from merchants using Shopify, as well as point-of-sale transactions at many large chain stores.
“It’s an innovative and superior new payment rail that is finally being integrated and distributed into our lives,” Strike CEO Jack Mallers explained to a large crowd at a Bitcoin conference in Miami on Thursday afternoon. He then showed a video of himself using it to check out a grocery store in Chicago.
“You’re going to be able to walk into a grocery store, into a Whole Foods, into Chipotle, you want to use a Lightning node on Tor, you do,” Mallers said. “Want to use the Cash app? You do,” Mallers said to cheers and applause from the audience.
Mallers showed a list of major US businesses that he said would be able to accept payments this way, including McDonald’s, CVS, Walgreens, Whole Foods and Wal-Mart, in addition to several other grocery stores and restaurants.
“The Strike integration is available to any consumer worldwide with a Bitcoin Lightning Network-enabled wallet, including over 70 million CashApp users,” Strike said in an April 7 press release. Shopify integration. One of its first partners is the famous streetwear brand based in Los Angeles, Warren Lotas.
Mallers announced the new payment network to a packed house, building the announcements with a speech titled “The King’s Gambit” which described the history of payment networks and credit cards and provided insight into how card transactions work.
Mallers teased the announcement on Twitter and in an interview in the days leading up to the conference, revealing that his speech would likely have something to do with merchants connecting to crypto.
According to Mallers’ presentation, Blackhawk Network is integrated with 400,000 storefronts and has 37,000 partners. Point-of-sale (POS) provider NCR is responsible for one in six point-of-sale systems worldwide, another slide adds.