Strike Surpasses BitPay in Onboarding Users
Strike, a Bitcoin-native neobank, has surpassed BitPay in onboarding users to its platform. In September, Strike reached a milestone of 500,000 users, outpacing BitPay's merchant onboarding efforts.
One key feature that sets Strike apart is its use of the Lightning Network to convert fiat currency to bitcoin without creating taxable events for users. This process allows users to connect their conventional bank accounts or debit cards to the Strike app and direct deposit their salaries, converting up to 100% of their paycheck to bitcoin.
The fees for this conversion are waived for up to $20,000 per month, making it an attractive option for small-scale payroll users. Additionally, Strike provides transparent fees as low as 0.49%, outcompeting BitPay's 2% plus $0.25 per transaction fee.