Strike offers “free” bitcoin transactions, targeting Coinbase and Square

The payment platform Strike announced that starting today, it will allow US customers to buy and sell Bitcoin with almost no transaction fees.

In an announcement on July 1, Strike founder and CEO Jack Mallers launched a violent attack on Coinbase, the leading cryptocurrency exchange in the United States, saying that his platform will become “the cheapest and easiest place on earth to get BTC.” “.

This move also allows Strike to directly compete with Jack Dorsey’s Square and PayPal. Provide U.S. customers with encrypted assets on the platform November 2020.

This announcement Said that the company has launched a “bitcoin tag”, so that it can buy bitcoin on Strike, “no fee will be charged outside the market spread.”

The Chicago-based payments company said it will charge a maximum “execution cost” of about 0.3% for brokered BTC transactions and hopes to reduce it to below 0.1% in the coming months as the transaction volume grows.

The popular trading app Robinhood also offers commission-free crypto trading in selected states.more than 6 million new customers bought cryptocurrency on the platform Within the first two months of 2021.

Mallers’ move directly targeted Coinbase, marking its exorbitant transaction fees as “stupid.” He pointed out that Coinbase’s revenue in the first quarter of 2021 was US$1.8 billion and profit was US$771 million, of which 94% came from up to 3% of expenses.

He is very critical of the freebies offered by exchanges, which reward users for watching videos worth a few dollars in altcoins.

“There is no doubt that when you buy Bitcoin on Coinbase, you are supporting shitcoins.”

related: The CEO predicts that Coinbase may reduce costs in the long-term

He also said that PayPal has recently increased its fees across the board and now charges sellers a fee of 3.49% + $0.49 to process encrypted transactions.

Mallers added that the purpose is to push the market price as close to zero as possible, which is in line with the spirit of Bitcoin.

“Our mission is to ensure financial freedom for all, and we will not stop until we do this for all 8 billion people on the planet.”

According to Cointelegraph, Strike has established a partnership with the government of El Salvador Assist it in adopting Bitcoin.

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