Bitcoin-focused payments app Strike is expanding its services to the African continent, Jack Mallers, the company’s founder and CEO, has announced. suspension Tuesday.
“Today we are starting Strike Africaexpanding our full suite of Bitcoin services to Gabon, Ivory Coast, Malawi, Nigeria, South Africa, Uganda and Zambia with more African markets to come in the future,” the post said.
Developed by Chicago-based startup Zap, Strike is a mobile payment app similar to Cash App or Venmo, but uses blockchain technology to send and receive money. The company, which started in the US and El Salvador, announced plans last year to expand more than 65 countriespushing into new markets that include not only Africa but also Latin America, Asia and the Caribbean.
Bitcoin (BTC) and stablecoins are increasingly in demand for savings and remittances in developing countries plagued by high inflation and fragile financial systems such as Argentina and Turkey.
Cryptocurrency adoption in Nigeria, the largest market in Africa, is particularly high as people turn to digital assets as a hedge against the devaluation of the local currency. The Nigerian naira has fallen almost 50% against the US dollar this month.
“Africa presents enormous opportunities for financial innovation and economic freedom,” said Strike’s blog post. “Many countries on the continent are struggling with high rates of inflation and depreciating currencies, making it difficult for people to save and build wealth.”