Shopify Teams up with Strike to Offer BTC Payment Services for Merchants

• Ayushi Abrol
• April 08, 2022

Popular payment facilitator hailing from Chicago, Strike has locked a strategic pact with globally-acclaimed e-commerce firm Shopify. With this collaboration, Shopify is looking forward to expanding its operational capacities using Bitcoin as a potential payment asset for its users. The partnership will allow Shopify merchants to accept payments in BTC from buyers through the Bitcoin Lightning Network opening new opportunities for growth for the company.

Thriving as the world’s 18th largest e-commerce firm collecting approximately $4.6 billion in revenue yearly, Shopify is now willing to explore the world of crypto payments. The platform helps merchants to create an online store for their products in 175 countries. The use of the Lightning Network can aid Shopify in facilitating easy and swift payments on its diverse cluster. Lightning Network is a Layer2 scaling protocol for Bitcoin that was curated to enhance the BTC ecosystem. The solution allows users to indulge in quicker and more economical transactions.

“#Bitcoin carries all these properties, Lightning carries all these properties. If we're able to do this, we would offer superior payments. This is just a fact." – Jack Mallers

— Bitcoin 2022 (@TheBitcoinConf) April 7, 2022

Talking about the partnership, Strike CEO Jack Mallers broke the news to the industry while addressing the audience at Miami’s Bitcoin 2022 conference. The pact will help the two million Shopify merchants to accept payments made using Bitcoin denominated in USD. The official statement released by the firm included the name of only one of its merchants called Warren Lotas which is an LA-based streetwear company. The spearhead added that with Bitcoin and Lightning Network the firm can settle payments instantly which earlier took two to fifteen days via traditional e-payment solutions. This helps customers and merchants to manage their accounting and track down balances at the very instant.

There has been substantial growth in crypto adoption across the globe, especially in the post COVID era where virtual assets gained pace dramatically. Firms and retail investors have shown keen interest in switching their interest to crypto from the traditional investment resources citing the multiple advantages decentralized assets offer to their businesses. Transparency, immutability, cost-friendly, speedy, and scalability are some of the main reasons for the tremendous growth of the crypto industry.

Strike has also joined hands with the Blackhawk payment portal which presently thrives as the biggest PoS supplier in the world with revenues peaking as high as $2.5B every year. The Bitcoin 2022 conference garnered a lot of attention from the industry. The release of the Bitcoin ‘Miami Bull’ prior to the opening events along with the announcement about the launch of Robinhood’s crypto wallet for two million waitlisted users. The wallet will use the Lightning Network.

Investors willing to learn the basic concepts of the crypto domain prior to making investments can seek help from Blockchain Council’s certified courses. The courses are designed to offer basic to advanced levels of knowledge about crypto and blockchain to the participants in a simple and well-planned manner.

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