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Strike, a Bitcoin Exchange, Raise $80M in Series B Funding

 

Strike, a Bitcoin Exchange, Raise $80M in Series B Funding

Bitcoin payment processor Strike has raised an additional $20 million in Series B funding, bringing the total to $80 million.

A statement issued on Tuesday indicated that Ten31, a VC firm that focuses on Bitcoin companies, was the driving force behind the funding round.

There were, however, additional financial contributions from Wyoming's University and Washington University in St. Louis.

Stike will use the funds to strengthen its existing relationships with area businesses.

The Lightning Network, which is used by Strike, is designed to speed up Bitcoin transactions, making it more practical for use in everyday transactions like buying goods online.

Strike's CEO and founder Jack Mallers was quoted as saying in a statement, "any organization that is in the business of transferring money is interested in superior payments" and "we're in talks with many of them."

"Any organization that is in the business of transferring money is interested in superior payments," Mallers was quoted as saying.

Strike claims that the company plans to use the extra cash to develop new product lines that will target institutional investors and large businesses.

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The advertising campaign will focus specifically on these potential new clients. Major e-commerce players like Blackhawk, NCR, and Shopify have already adopted Strike's solutions.

It was widely reported that Strike had partnered with El Salvador on its Bitcoin initiative.

In December of 2017, El Salvador made international headlines by becoming the first country to legalize bitcoin as legal tender.

Since Strike made a Bitcoin wallet available in El Salvador, the country now has a key component of the infrastructure necessary for Bitcoin to be used there.

Mallers was a strong advocate for the Bitcoin Law's passage in El Salvador.

Mallers claims that the initiative's goal was to help people in El Salvador save money by promoting the use of cryptocurrencies like Bitcoin and the Lightning Network for transactions like remittances.

Publications claim that many Salvadorans have either stopped using Bitcoin or were never using it in the first place, despite the fact that the government has released its own wallet for residents and is providing them with free cryptocurrency.

And this happened despite the fact that the government gave them free cryptocurrency.

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