The popular Bitcoin wallet called Strike arrived in Argentina. The announcement of its launch was made by the platform’s own CEO, Jack Mallers, through a thread of tweets.
Although Strike is known for its Bitcoin and Lightning Network functionalities, in Argentina, for now, it will not have support in the main cryptocurrency but will have USDT as its backbone. This was considered strange by some outlets, considering that Mallers has been a public defender of the Bitcoin ecosystem, and that Strike has already implemented these services in other places, including El Salvador.
As Mallers explained, the current version of the application for Argentina uses USDT, the popular stablecoin issued by Tether, as an option for users to “store value” in the wallet.
In his Twitter thread, Mallers explained that “there is an unprecedented demand for an open monetary system that lives within a distributed network, has a known monetary policy, a fixed supply and is resistant to censorship and clarified that Strike, in his Argentine version, will offer “a stable cash balance that can be spent instantly and without commissions.”
USDT has a market capitalization of over $ 78 billion, making it the most valuable stablecoin project in the entire crypto market. The version of USDT that Strike uses is an ERC20 token, from the Ethereum blockchain.
However, as Strike is a custodial wallet, users will not have to deal with high fees as transactions using Strike are free. In its terms of service, Strike explains that Bittrex is used for the custody of assets, and that the company is not responsible for the custody of the cryptocurrency in its wallet.