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App connects Bitcoin and Lightning Network payments directly to a bank account

Jack Mallers, developer of Zap Lightning Wallet, announced on July 2 the launch of his new iPhone application, Android and Chrome, which allows users to send and receive Bitcoin (BTC) and Lightning Network payments directly to and from a bank account.

Strike, which has already entered public beta, allows interaction with the Bitcoin and Lightning protocols without the need for a wallet, seed, channels, liquidity or whitepapers, while the Know Your Customer (KYC) protocols are kept to a minimum.

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Jack Mallers wants Bitcoin to achieve a wider adoption. To that end, in 2018 he created Zap, one of the first desktop wallets to make Lightning Network features accessible through a user-friendly interface.

In addition, as reported by Cointelegraph, last fall Mallers announced his intention to develop a platform that will offer instant Bitcoin debit card purchases through LN. Strike is the result of that work, and somehow exceeds its original purpose.

Although Strike allows you to buy Bitcoin Billionaire with a debit card or a bank account, it can also be used for personal transfers and payments, micro-payments, and both online and offline purchases.

It also comes with a social networking profile, strike.me, which allows users to accept free payments from anywhere in the world through an online QR code. Payments received are instantly converted into fiat currency.

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Confidentiality first and foremost
One of Mallers‘ key objectives was to comply with the regulations and at the same time reduce KYC and AML procedures, he said:

„The last thing I want is to introduce a new user demographic into Bitcoin, only to have them treated as criminals as soon as they download Strike.“

Instead of acting more cautiously, he met with lawyers and educated regulators to find out how much KYC/AML was „good enough“.

With an average payout value in the private beta model of about $27, there is no need for massive data collection and identification. Most application users will only need to enter a name and phone number.

Some states are excluded and Strike will not be available initially in those regions.

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