- Strike CEO Jack Mallers announced McDonald’s and Walmart will now accept Bitcoin as payment.
- Around 400,000 stores will now support Bitcoin via the Lightning Network.
- This integration will save users from paying heavy fees and make secure transactions.
Strike CEO Jack Mallers announced that the company is partnering with NCR, Blackhawk, and Shopify. Any platform that makes use of these processors will be able to conduct transactions over Bitcoin’s Lightning Network, including Walmart and Mcdonald’s.
Mallers identified around 400,000 stores that will use the Lightning Network. Some of the stores are McDonald’s, Walmart, Chipotle, Macy’s, Bed Bath and Beyond, and Krispy Kreme.
BREAKING: McDonald’s and Walmart will accept #Bitcoin as a form of payment via Lightning Network.
— Watcher.Guru (@WatcherGuru) April 8, 2022
This, in turn, would make it easier for Bitcoin users to pay for a burger at McDonald’s or a cup of coffee at Starbucks. Crypto can now also be used to pay for groceries and shopping at Walmart, Safeway, or even Best Buy.
Mallers stated at the Bitcoin 2022 conference that the integration was done to avoid banks. He hopes to save shops from having to pay heavy fees while also giving users more privacy during the payment process.
Any online merchant that uses Shopify can accept payments without the 1949 boomer network, receive it instantly, cash final, no intermediary, no 3% fee.
During his presentation, he mentioned that shops would be able to accept Bitcoin from customers and instantaneously convert it to cash without asking for any added costs or experiencing any processing delays. According to Mallers, the currency in which the store intends to settle its payments will not be an issue.
Mallers criticized the traditional financial method and its lack of innovation. According to him, the same system has been used since 1949 that was once used by his grandfather. He talked of a superior payment network that will allow room for innovation built on financial inclusion. A system, he said, that could offer cheaper and faster services.