With the aim of providing hope to a population that is infected with hyperinflation, Lightning Network-based payments platform Strike App recently announced that it would provide its services in the country. The platform aimed at using the “world’s open monetary network, Bitcoin, to give hope to the people of Argentina.”
Strike App’s Bitcoin journey in Argentina
It seems that Strike App’s Bitcoin journey in Argentina is in danger in just 4 days of the announcement. The announcement came from Jack Mallers, the founder of the platform via a series of tweets. The founder claims that the country of Argentina is plagued with “a history of economic turmoil and uncertainty.”
🇦🇷 Welcome, Argentina! 🇦🇷
Today, we launch a superior financial experience to a country that faces hyperinflation, predatory payment networks, and unusable cross-border transfers
— Jack Mallers (@jackmallers) January 11, 2022
However, it seems that the founder fell short when it came to actually provide Bitcoin services in the nation. As per many users from Argentina, the platform doesn’t allow users to buy, sell, or trade Bitcoin on the app itself. This came as a disappointment to many users in the nation.
Strike App only allows Tether (USDT)
Jack Mallers talked about Bitcoin and claimed in a tweet:
“With Strike, the Argentinian people can now hold a stable cash balance that can be spent both instantly and with no fees. Cheap, instant, cash final, global payments of any size, for anyone, to anywhere. Even over Twitter.”
Many users took to Twitter to express their disappointment when it came to the Strike App. A user said that the App is a “custodial wallet of USDT ERC-20. Tips sent via the Lightning Network are received as USDT and can only be sent to another user or withdrawn to an Ethereum address.”
Al final la versión argentina de Strike resultó ser una decepción.
Wallet custodial de USDT ERC-20. Los tips que se envían vía Lightning Network ser reciben como USDT y solo se pueden enviar a otro usuario o retirar a una dirección de Ethereum. https://t.co/5P9l1O1QPR
— Adam Du฿ ⚡️ (@dubdam) January 12, 2022
Furthermore, Strike App actually automatically converts any of them into USDT, any Bitcoin that a user deposits in his/her wallet. In order to receive money in Bitcoin, the funds are to be transferred to an exchange operable in Argentina.