Lightning Wallet Strike Now Allows Bitcoin Withdrawals

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Strike CEO Jack Mallers announced this week that its Lightning Network payments platform is launching a Bitcoin withdrawal tab on its popular app.

“Not your keys, not your coins,” he tweeted.

The update comes after the Bitcoin tab was released on Strike in July, which notably reduced fees to almost zero on all Bitcoin transactions and withdrawals.

Last month, Mallers wrote in an announcement article: “Starting today, Strike will be the cheapest and easiest place on the planet to acquire bitcoin.”

This week he wrote: “I would say get rid of the waiting list and start the race to the bottom once and for all.”

The addition marks the arrival of a needed feature that will likely help legitimize the app as one of the best places to buy Bitcoin. Personal custody, along with virtually insane withdrawals and payments, could make Strike a mobile platform for buying Bitcoin.

Prior to the introduction of this tab, Strike’s only major competitor in terms of buying bitcoin quickly on a cell phone was Cash App. However, the purchase of Bitcoin on Cash App, operated by payments giant Square, always comes with a significant increase in fees.

There are many other exchanges that have long allowed bitcoin withdrawals, such as Coinbase, Kraken, and Swan, but none of them have quick or insensitive withdrawals, or Lightning Network capabilities.

Other major platforms, such as Venmo and Robinhood, claim to allow people to buy bitcoin, but have no way for people to withdraw bitcoin.

Earlier this year, Jack Mallers grabbed the headlines as Strike became the primary partner in El Salvador’s decision to declare Bitcoin legal tender at the Bitcoin 2021 conference.

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