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Strike has closed an $80 million series B funding round led by Ten31 and joined by Washington University in St. Louis and the University of Wyoming. The company, which is built on Bitcoin, will use the funds to grow its products as it looks to revolutionise the payments industry.

Strike, a leading digital payments provider on the Bitcoin Lightning Network, has secured $80 million in its series B funding round as it looks to revolutionise the global payments space, the company said in a press release.

The funding round was led by Ten31, a blockchain-focused fund that’s helping companies building on Bitcoin and the Lightning Network. 

Washington University in St. Louis and the University of Wyoming among other investors joined the funding round.

“We appreciate the continued support of investors who’ve backed Strike since our founding and are excited to welcome new partners to support our mission, disrupt the industry, and define the future of payments with a truly global, open, secure, instantaneous, virtually free network,” said Jack Mallers, the founder and CEO of Strike.

Strike will use the new capital infusion to drive its growth, particularly around the need to revolutionise the payments industry. In this, the company is eyeing solutions tailored to suit demands for payments for the world’s leading merchants and marketplaces.

Already, Strike has partnered with leading ecommerce and point of sale providers, including Blackhawk and Shopify, most of these deals coming after Strike’s recent launch of its application-programmable interface (API). 

With Strike’s integration, users can leverage the Bitcoin Lightning Network to access instant, global payments – all without the high fees of legacy card networks.

“Strike and Ten31 have a shared vision for the positive impact bitcoin can have on the world and are mutually aligned on accelerating its adoption. It was therefore a natural fit to partner with Strike as its lead investor,” Grant Gilliam, co-founder and managing partner of Ten31 noted in a statement.

As well as the commerce API, Strike is eyeing a new product tailored to the needs of large financial institutions and other global businesses. The new product line, the company revealed in the press release, targets allowing not just the ease of receiving payments but also for these customers to get similar benefits when sending them.

Currently, Strike’s integration is available to any consumer looking to move money via the Lightning Network.

The post Strike raises $80 million in funding to revolutionise Bitcoin Lightning payments appeared first on CoinJournal.

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