7 months ago
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As a market for crypto users, Strike says that Europe isn't as crowded compared to the US.
Strike, a Bitcoin-centric payments app, has announced its expansion into the European market, capitalizing on the cryptocurrency’s resurgence and aiming to provide a streamlined experience for users.
Founder and CEO Jack Mallers views Europe as Strike’s second-biggest market after the United States. The company’s expansion comes amid Bitcoin’s recent price surge, which has seen the alpha crypto climb to an all-time high of over $70,000 in March 2024 following the approval of ETFs in January.
Despite the competitive space which includes established players such as Coinbase, eToro, and BitPanda, Mallers believes that Strike’s Bitcoin-first approach will set it apart from competitors that offer a variety of cryptocurrencies.
“We don’t view Europe as that crowded—at least compared to America. We think Bitcoin is the biggest innovation of our lifetimes, and we want to be one of the best in the world at it,” Mallers said in an interview.
Strike’s focus on payment tools has not detracted from customer demand for trading and custody services. The company moved its custody operation in-house in June 2023 after the bankruptcy of its former custodian, Prime Trust. Mallers expects Bitcoin’s upward trajectory to continue, particularly amid inflation concerns and the market’s waning confidence in traditional financial systems.
The expansion into Europe represents an ambitious next stage for Strike, which has around 70 full-time employees and is experiencing 100% month-over-month growth. The company is profitable and sweeps a portion of its profits into Bitcoin through its own treasury, with Mallers emphasizing Strike’s commitment to owning as much Bitcoin as possible. In November 2023, Strike established its headquarters in El Salvador. The crypto payments firm also had a partnership with Twitter (now X) as the social platform launched tipping features.
As Strike enters the European market, it aims to provide lower processing fees for buying and selling Bitcoin compared to competitors like Coinbase. Early trials have also shown that the app facilitates lower-cost USD-EUR conversions through Bitcoin than traditional transfer platforms such as Wise.
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