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Prabhjeet Bhatla
Jan 13, 2022
by Prabhjeet Bhatla

Strike Arrives in Argentina With USDT Support, No Bitcoin Integration Yet

Argentina USDT Bitcoin
Strike, a popular bitcoin-based wallet, has opened in Argentina, giving Argentinians a new way to save with stablecoins. Strike CEO Jack Mallers made the news, explaining that because of the country's financial troubles, citizens are migrating to foreign currencies such as the dollar.

Mallers stated:

“There is now unprecedented demand for an open monetary system that lives within a distributed network, has a known monetary policy, a fixed supply, and is resistant to censorship.”

Strike's Argentinian version, according to Mallers, will provide ‘a constant cash balance that can be spent both promptly and without costs.’

Strike is best recognized for its Bitcoin and Lightning Network capabilities, but it began in Argentina with USDT as its foundation. Some local media sites found this odd, given that Mallers has been a vocal promoter of the Bitcoin ecosystem, and Strike has already implemented these services in other countries, notably El Salvador.

The current version of the app for Argentina relies on USDT, a popular stablecoin created by Tether, to store value for users. USDT is the most valuable stablecoin project in the cryptocurrency world, with a market valuation of over $78 billion dollars. Strike's USDT version is an ERC20 token, which runs on the Ethereum blockchain.

Users will not have to struggle with the excessive costs that are now bothering certain ethereum users because Strike is a custodial wallet, and transactions utilizing Strike are free of charge. The wallet's terms of service state that Bittrex is utilized for asset custody and that the company is not liable for the coin in its possession.

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Strike Arrives in Argentina With USDT Support, No Bitcoin Integration Yet
Prabhjeet Bhatla
Prabhjeet Bhatla is a cryptocurrency writer covering startups and a researcher since 2020. She has authored many articles for Entrepreneur India and APAC (digital and print) on cryptocurrency and ever-evolving Blockchain, the technology behind Bitcoin, and other cryptocurrencies. She specializes in applied cryptography, privacy-enhanced information storage systems, anonymous cryptocurrencies, elliptic curve crypto-systems, and satellite television piracy.

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