Shopify merchants to accept Bitcoin payments via Strike partnership


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TL; DR Breakdown

  • Shopify merchants to accept Bitcoin payments
  • The merchants will only accept dollar-backed BTC
  • Bitcoin price still unmoved despite positive news

Strike, a payment application out of Chicago has announced a partnership with Shopify, which will see merchants on the platform accept payments in the leading digital asset. As per the details of the statement, the merchant will be supported via the Lightning Network. The LN offers scaling on the second layer of the Bitcoin chain, which helps both parties increase transaction speed and reduce its cost.

Shopify merchants can accept dollar-backed Bitcoin

The new partnership was communicated to the public at the Bitcoin conference held in Miami yesterday. Notably, this is the 2022 version of the yearly event, which talks about all things related to Bitcoin. Jack Mallers, the CEO of Strike, mentioned that the partnership means that about two million merchants across the Shopify platform will be open to accepting dollar payments via Bitcoin. However, the only merchant named in the official publication released by Strike was Warren Lotas.

The company provides streetwear for its customers, having a base out of Los Angeles. Shopify is presently ranked 18th in the biggest online commerce hub. According to a recent report posted by Macrotrends, Shopify recoups more than $4 billion in income every year. The platform allows users across the platform to set up their online stores and sell products to their users. Presently, the company has merchants in more than 150 countries worldwide.

Bitcoin price still unmoved despite positive news

The official Twitter handle of the Miami event, Bitcoin 2022, also mentioned that the integration is presently functioning. The handle also talked bout how Mallers brought out negatives from several payments system in this modern era. He was quoted as saying that all traders who intend to accept Bitcoin payments without the burden of the boomer network can now carry on with it. He also mentioned that there would not have to go through a third party and pay any fees.

Mallers also mentioned that one edge that the Lightning network provides is that transactions are completed at the speed of light instead of the traditional waiting out. He positioned that this feature will enable users to know how much they are being charged and merchants how much they are being paid based on their respective balances. The CEO of Strike also mentioned that the company had inked a deal with another firm aside from Shopify.

The company in question, Blackhawk, remits about $2 billion in funds every year, boasting more than 400,000 stores across 28 countries. Bitcoin 2022 has continued to have tongues wagging because of the numerous revelations, especially with Robinhood announcing its new wallet launch. The wallet, which will also have an LN integration, is already available to about two million users that joined the waitlist. However, the conference has not been able to take Bitcoin higher in terms of price as the digital asset has just gained about 0.24% in the last 24 hours. Bitcoin is presently trading at $43,554. Notably, Shopify is still facing a legal tussle with investors over specific issues related to breach of use information via Ledger.

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Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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