Tether Integration from Bitcoin Payment Platform Strike
In an announcement shared by Tether on May 22, details of the integration with Bitcoin payment application Strike were included. The company emphasized that this step, which was taken to serve more users globally, is important for the development of the industry. In line with the integration, USDT can be used within the scope of “On-off ramp services” on the Strike payment application.
Combining the stability and utility of Tether’s digital currency with Strike’s innovative payment solutions, users will experience a new era of secure and efficient transactions. This collaboration represents an important step towards mainstream adoption of cryptocurrencies as it addresses many of the key challenges facing the industry.
The technology, known as an on-off ramp, is a mechanism that allows individuals or businesses to convert their crypto holdings into traditional fiat currencies such as the dollar, euro or yen. Essentially, it allows people to “cash” their crypto assets and transfer them to a bank account or other financial instrument that uses fiat currency.
In the statement made by Tether CTO Paolo Ardoino on the subject, it was mentioned how important this step is for the development of the stablecoin industry:
We’re excited to announce Tether’s integration with Strike. This is a crucial moment for the cryptocurrency industry as it signifies the growing acceptance and recognition of stablecoins as a reliable and efficient digital payment solution. We believe this collaboration will foster widespread adoption of digital currencies, foster innovation and create a more inclusive financial ecosystem for all.
On the other hand, according to the details provided by Strike, “cash” balances of non-US customers will be held in USDT, not any fiat currency. Although there is a cash expression in some places in the application, it was specifically stated that this expression was written in that way for customers to easily perceive and would actually mean USDT. The services offered by Strike include instant money transfers with cryptocurrencies, in-store payments, payment of bills and other payment transactions.
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