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Payment platform, Strike, launches feature to convert paychecks to bitcoin

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Lightning Network payment platform, Strike, the payment company created by Zap Inc., popularly known for its work in El Salvador and the usage of the bitcoin lightning network, is following the footsteps of Coinbase by allowing its United States users to instantly convert all or a portion of their paychecks into bitcoin.

According to the announcement, users can do so without needing their employers to embrace bitcoin or carry it on their books.

“Pay Me In Bitcoin” allows users to seamlessly convert a portion of their income into BTC using their account and routing numbers. The feature enables easy access to ‘sound money’ for all those eligible for a Strike account, regardless of their employers.

The feature will allow users to programmatically convert a portion of or all of their income into bitcoin in the app by using their bank account and routing numbers.

According to the press release, ‘Pay Me in Bitcoin’ seeks to enable financial freedom for those who can’t get paid directly in bitcoin. Nearly anyone in the U.S. or El Salvador can sign up for Strike and start saving part of their income in BTC automatically, enabling them to shield themselves from “high inflation rates and be more sovereign over their money.”

What they are saying

Jack Mallers, the founder and CEO of Zap Inc., stated, “I am unbelievably excited to announce and publicly release Pay Me in Bitcoin with Strike. Today, anyone with a Strike account, no matter their employer, can get paid in bitcoin.

“If you are not getting a 25% raise every year and you are saving in dollars, you are not out-earning or out-saving the rate of inflation or the increase in cost of living, and your quality of life will degrade as time goes on.”

He then added, “You don’t have to work for a special company, you don’t have to convince your boss to like bitcoin, you don’t need to nag your CFO to put bitcoin on the balance sheet. All you need to do is share your Strike account details and configure your Pay Me in Bitcoin split.”

What you should know

Strike is a custodial solution, meaning users do not own the private keys that control their funds in the app.

However, the application allows BTC funds to be withdrawn to third-party bitcoin wallets to which the user holds the private keys, enabling them financial sovereignty.

Coinbase also recently announced the launch of a similar feature earlier this week.

Bitcoin trades $57,635, up 1.11% for the day, as of the time of this writing

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