Strike, a company that facilitates bitcoin payments, has successfully completed a Series B financing round, bringing the total funding for the company to $80 million.
According to a statement released on Tuesday, Ten31, a venture capital firm that specializes in Bitcoin companies, led the round of funding.
The University of Wyoming and Washington University in St. Louis were also contributors.
The funds will be used to strengthen Stike's existing relationships with nearby businesses.
Strike utilizes a technology known as the Lightning Network, which aims to accelerate Bitcoin transactions to make the cryptocurrency suitable for use in everyday activities such as making purchases.
Jack Mallers, founder and chief executive officer of Strike, was quoted in a statement as saying that "any organization in the business of transferring money is interested in superior payments" and that "we're in discussions with a large number of them."
According to Mallers, "any organization in the business of transferring money is interested in superior payments."
According to Strike, the company desires to develop new product lines with increased funding in order to attract new types of customers, such as large financial institutions and businesses.
These new customers will be specifically targeted. Significant e-commerce companies including Blackhawk, NCR, and Shopify have already implemented Strike's software.
As a result of the news that Strike had joined El Salvador's Bitcoin initiative as a partner, the company was featured in a number of news articles.
By making a Bitcoin wallet available in the country, Strike contributed to the development of the necessary infrastructure required for El Salvadorans to utilize their bitcoin holdings.
Mallers was among the numerous individuals in El Salvador who supported the passage of the Bitcoin Law.
The objective, according to Mallers, was to help individuals in El Salvador save money by encouraging them to adopt cryptocurrencies such as Bitcoin and the Lightning Network for remittance payments and other purposes.
Many Salvadorans are believed to have stopped using Bitcoin or to have never used it at all, despite the fact that the government has released its own wallet for residents and is giving them free cryptocurrency.
This result occurred despite the fact that the government provided them with free cryptocurrencies.
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