Strike, a Chicago-based payment app, has integrated with global e-commerce giant Shopify so merchants can accept bitcoin payments through the Bitcoin Lightning network.
Lightning Network (LN) is bitcoin's second tier extension solution designed to facilitate faster and cheaper transactions.
Strike CEO Jack Mallers revealed the new integration at the Bitcoin 2022 Conference in Miami. The move will allow nearly 2 million Shopify merchants worldwide to accept dollar-denominated bitcoin payments. However, the only merchant named in Strike's official statement as a partner is Los Angeles-based streetwear brand Warren Lotas, whose website has been closed as of this writing.
Shopify is the 18th largest e-commerce company in the world, with annual revenue of about $4.6 billion, according to market research site Macrotrends. Its service allows merchants to open online stores in 175 different countries.
The official Twitter account for the Bitcoin Conference 2022 said the integration was live, and cited Mallers' condemnation of modern payment systems that began with Diners Club cards in 1949:
"Any online merchant using Shopify can accept payment without using the 1949 baby boomer network, receive payment instantly, no middlemen, and pay no 3% fee."
According to Mallers, one of the main advantages of using Bitcoin through The Lightning network is that payments are made almost instantaneously, rather than the "2 to 15 day delay" he cited as a drawback of existing common electronic payment methods. He added that instant settlement helps consumers and merchants complete their accounting work more quickly and know their exact balance more quickly.
Mallers also revealed Strike's partnership with Blackhawk Payments Network, which is said to be the largest point-of-sale provider in the world. The company has annual revenue of $2.5 billion, and its website says it has products in more than 400,000 stores in 28 countries.
The 2022 Bitcoin Conference has become a hotbed of buzz, not only because of the bitcoin "Miami Bull" unveiled ahead of the opening ceremony, but also because Robinhood announced the launch of its long-awaited crypto wallet to the 2 million customers on its waiting list. The wallet will also integrate LN.
The conference has yet to spark a price move in Bitcoin, which is up just 0.54% over the past 24 hours to trade at $43,594, according to Cointelegraph.