The payment platform Strike announced that from today it will allow US customers to buy and sell bitcoins with little or no trading fees.

In an announcement on July 1, Strike founder and CEO Jack Mullers launched Coinbase, a major US cryptocurrency exchange, saying the platform would be “the cheapest and easiest place on the planet to get BTC.”

The move also puts Strike in direct competition with Jack Dorsey’s Square and PayPal, which began offering cryptoassets on the platform to US customers in November 2020.

The announcement said that the company has launched a “bitcoin tab” that allows you to buy bitcoins on Strike “without commission outside the market spread.”

The Chicago-based payment company said it will set a maximum “execution cost” of around 0.3% for BTC brokerage and plans to lower it to less than 0.1% in the coming months as volume rises.

The popular trading app Robinhood also offers commission-free cryptocurrency trading in selected countries. Over 6 million new customers bought cryptocurrencies on the platform during the first two months of 2021.

With this move, Mallers is addressing Coinbase directly, calling the excessive trading fees “pointless.” He noted that Coinbase generated $ 1.8 billion in revenue in the first quarter of 2021 with $ 771 million in revenue, of which 94% came from taxes of up to 3%.

He sharply criticized the exchange’s free gifts, which give users altcoins worth a few dollars in exchange for watching videos.

“Make no mistake, when you buy bitcoins on Coinbase, you support shitcoins.”
RELATED: CEO expects Coinbase to see the commission’s pressure longer

There was also a study by PayPal, which says that the recently increased commission across the board, with sellers now taking 3.49% + $ 0.49 to process cryptocurrency transactions.

The goal, Mullers added, is to bring market prices as close to zero as possible, in line with the spirit of Bitcoin.

“Our mission is to provide financial freedom for all, and we will not stop until we do this for all 8 billion people on this planet.”
As reported by the Cointelegraph, Strike has partnered with the government in El Salvador to spread bitcoin adoption.

Source: CoinTelegraph

LEAVE A REPLY