Lightning Network app Strike touts new Visa card

Strike, the crypto payments app built on the Lightning Network, announced a new Visa card that will offer spending rewards.

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The company announced the launch on its Twitter Thursday evening, telling users they can now “take Strike anywhere and earn rewards on everyday spending.” The rollout will begin with a waitlist.

Strike is one of the better-known apps built on the Lightning Network, a Layer 2 protocol designed to speed up Bitcoin-based transactions. The app made headlines in April when CEO Jack Mallers announced a deal with Shopify that would allow merchants to take payment in crypto, but receive dollars.

In a series of tweets, Strike said users will be able to use the new card for direct deposits, to be paid in bitcoin, buy bitcoin, send and receive money, spend funds using Apple Pay and Google Pay, and earn rewards.

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It also said that 1% of all profits associated with the card will be donated to open-source Bitcoin development.

Lightning Labs, an entity that helps steer much of the development of the Lightning Network, raised $70 million in a Series B funding round in April, with backing from Valor Equity Partners and Baillie Gifford.

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Ryan is The Block’s deals editor. Before joining he worked at Financial News, and has also written for the likes of Wired, Sifted and AltFi.

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