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You are here: Home / Bitcoin Industry News / Strike App Won’t Support Bitcoin in Argentina

January 14, 2022

Strike App Won’t Support Bitcoin in Argentina

Three days after announcing it was launching services in Argentina, Bitcoin’s Lightning Network-powered app Strike is only supporting Tether’s USDT stablecoin in the country.

Argentine users have complained the app will not allow them to buy, sell or hold bitcoin as Strike users in other countries can. The company made no mention of supporting only Tether at the time of its Tuesday launch announcement.

In a tweet Strike trumpeted the move into Argentina with CEO and founder Jack Mallers promising “a superior financial experience,” adding that Strike would “use the world’s open monetary network, #Bitcoin, to give hope to the people of Argentina.”

Strike’s push into Argentina is part of a wider initiative to expand into Latin America. The company said in its announcement that users would be able to make remittance payments, receive bitcoin tips on Twitter and use Strike’s peer-to-peer transaction services.

Strike did not respond to CoinDesk’s requests for information about the use of tether on its platform in Argentina. At the time of publication, the company had also not addressed user complaints on its Twitter account or website.

One Argentinian user, Nicolás, told CoinDesk the app can receive bitcoin payments but immediately converts the cryptocurrency to USDT. He said the Strike wallet only holds USDT. Another Strike user in Argentina, Adam, tweeted that the app was “a disappointment,” describing the app as a custodial wallet that works only with tether under the ERC-20 standard.

Al final la versión argentina de Strike resultó ser una decepción.

Wallet custodial de USDT ERC-20. Los tips que se envían vía Lightning Network ser reciben como USDT y solo se pueden enviar a otro usuario o retirar a una dirección de Ethereum. httpss://t.co/5P9l1O1QPR

— Adam Du฿ ⚡️ (@dubdam) January 12, 2022

Adam wrote the app has on- and off-ramps that allow users to connect to the cryptocurrency, such as sending USDT and then receiving bitcoin via the Lightning Network.

Nicolás said that he was able to send funds from his Strike wallet to an exchange in Argentina, after which he received bitcoin.

Responding to Nicolás, Luis David Esparragoza, a journalist for Spanish-language media Criptonoticias, said that Strike sends tether, not bitcoin, to Bittrex, a crypto exchange that holds and transfers Strike’s funds.

No mandaste #Bitcoin, le mandaste USDT a @BittrexExchange y ellos enviaron los bitcoins.

Penoso no tener la custodia y manejo de #BTC

— Luis David Esparragoza (@criptoluis) January 12, 2022

Author: Andrés Engler

Filed Under: Bitcoin Industry News

Expert Witness

Ty Sagalow head shotTy Sagalow's unique background in legal, underwriting, policy drafting and claims – and his designation as a “qualified insurance expert” by the United States District Court for the Southern District of California – offers attorneys an unparalleled resource in D&O, E&O and Cyber insurance coverage disputes. He was also named "Most Helpful Expert" in a recent $8.7M coverage decision.

Mr. Sagalow served as Chief Underwriting Officer and General Counsel for AIG Executive Liability (formerly National Union Fire Insurance Company of Pittsburgh, PA), the world’s largest carrier of Directors and Officers Liability and Professional Liability Insurance. As General Counsel, Mr. Sagalow personally wrote or led teams that wrote all the D&O policies and many of the professional liability policies that AIG produced between 1988 and 2000 – policies which continue to serve as the foundational wording for the D&O and professional liability policies in the market today. As AIG Executive Liability’s Chief Underwriting Officer, Mr. Sagalow was charged with all underwriting interpretations and decisions for AIG D&O/E&O policies. In 2009, Mr. Sagalow headed up the team that rewrote all D&O policies for Zurich North America.

Ty is a cum laude graduate of Georgetown University Law Center and holds a LLM from New York University School of Law.

Bitcoin Insurance

Combining his talents as a network security insurance expert and an insurance product development expert, Ty Sagalow is the leading expert on the unique risk and insurance needs of the bitcoin industry.

With the successful sale of BitSecure(tm), the first bitcoin theft insurance policy in February of 2015, he is the first to create a sustainable, robust insurance policy to cover the theft of bitcoins and other virtual currency backed by an A-Rated, global “top 10” Property and Casualty insurance company.

Company Profile

Innovation Insurance Group is an insurance consulting firm and insurance brokerage founded by 30-year insurance executive, Ty R. Sagalow, former Chief Underwriting Officer, General Counsel and Chief Innovation Officer at AIG, and former Chief Innovation Officer at Zurich, NA and Tower Group. IIG focuses on three core practice groups: product development, expert witness services (primarily in the Management and Professional Liability areas), and bitcoin industry brokerage services.

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