Fee-zero war! Strike founder declares war on Coinbase: The world's cheapest Bitcoin is here

Starting today, Strike will become the cheapest and easiest place on this planet to get Bitcoin. At Strike, our mission is to ensure financial freedom for everyone.

The startup company Strike, under the Bitcoin Lightning Network wallet Zap, boldly declares war on the largest cryptocurrency exchange in the United States, Coinbase. Strike states that the fees for buying and selling Bitcoin for U.S. customers are only 0.3%, compared to Coinbase's high fees of up to 3.99%.

At just 27 years old, Jack Mallers, the founder and CEO of Strike and its parent company Zap Technologies, describes this move as "throwing a grenade at Coinbase's headquarters," believing Coinbase's fees are "ridiculous."

This new service from Strike may potentially drive down the Bitcoin trading prices for retail investors in the U.S. Even before Coinbase went public in April, many Wall Street analysts had already anticipated this trend. Since stocks can offer zero fees through applications, the same development should be seen in cryptocurrency trading.

Currently, Square's Cash App charges about 2.2% for Bitcoin purchases; Swan Bitcoin charges fees ranging from 0.99% to 2.29, depending on the amount of Bitcoin deposited; PayPal charges a fixed fee for Bitcoin purchases below $25 and 1.5% to 2.3% for amounts higher than this.

Jack Mallers states that Strike will not make money through transaction fees. He explains that the 0.3% fee will only cover the spread charged by Bitcoin trading companies, and as the trading volume increases, the fee will drop to 0.1%.

"The more our trading volume grows, the less our partners will charge. The ultimate goal is to drive market prices close to zero, as this aligns with the spirit of Bitcoin. It's a race to zero," he says.

Jack Mallers challenges Coinbase's CEO, Brian Armstrong, saying, "Come play basketball on my court!"

Strictly speaking, Coinbase's positioning in the market differs from Strike. Brian Armstrong recently stated that he hopes Coinbase will list all legal crypto assets in any legal jurisdiction, with Coinbase currently supporting over 70 cryptocurrencies; while Strike focuses on promoting financial inclusivity through Bitcoin and the Lightning Network.

Therefore, after Jack Mallers met with the President of El Salvador, Bukele, Strike was tasked with rewiring the financial infrastructure of El Salvador and integrating with local financial institutions.

In addition, Coinbase has obtained money transmitter licenses in 44 states across the U.S., but according to Decrypt's investigation, Zap has only obtained a license in Washington state, with no operating licenses in other states. In other words, transferring large amounts of cash and cryptocurrency to El Salvador through Strike may be illegal — a situation that could further cast a shadow on the already controversial Bitcoin plan in this Central American country.

This article is authorized for reposting from Horizon News Network