Strike, a bitcoin payment platform, raises $80 million in a Series B financing

Bitcoin payments business Strike has successfully completed a Series B investment round, bringing them a total of $80 million.

According to a statement made on Tuesday, Ten31, a venture capital firm that focuses on Bitcoin firms, led the round of funding.

However, both Washington University in St. Louis and the University of Wyoming participated in the funding as well. The funds will be put toward expanding Stike's existing connections with local businesses.

Strike makes use of a technology known as the Lightning Network, which is designed to speed up Bitcoin transactions so that the cryptocurrency may be used to conduct day-to-day purchases.

Strike's creator and chief executive officer, Jack Mallers, was quoted as saying in a statement that "any organization that is in the business of transferring money is interested in superior payments" and that "we're in talks with many of them."

With the additional capital, according to Strike, the company intends to launch new product lines that will cater to new sorts of consumers, such as significant financial institutions and enterprises.

Strike's app has already been integrated by significant e-commerce firms such as Blackhawk, NCR, and Shopify. The news that Strike had become El Salvador's partner in its Bitcoin project caused the company to make headlines.

In December of 2017, El Salvador made history by becoming the first nation in the world to acknowledge bitcoin as a valid form of currency.

By making a Bitcoin wallet available in the country, Strike assisted with installing necessary infrastructure to allow Salvadorans to spend their cryptocurrency holdings. Mallers was an advocate for the Bitcoin Law in El Salvador.

According to Mallers, the plan was for people in El Salvador to use Bitcoin and the Lightning Network for things like remittance payments and other uses to save money.

According to various reports, despite the government releasing its wallet for citizens and giving them free cryptocurrency, many Salvadorans are said to have stopped using Bitcoin or never really used it in the first place.

This is despite the fact that the government gave them free cryptocurrency.