El Salvador’s Bitcoin Partner Strike Digital Wallet May Lack Key License
According to Decrypt, Salvadoran President Nayib Bukele announced this month that he has become the first country in the world to accept bitcoin as legal tender, partnering with Chicago-based Zap Solutions Inc. whose digital wallet Strike is currently being used by Salvadorans in a coastal town known by the crypto community as Bitcoin Beach. However, a related investigation found that Zap lacks licenses to operate in most U.S. states. Experts say this means that using Strike to transfer cash and cryptocurrencies to El Salvador could be illegal. To this, Strike CEO Jack Mallers and the rest of the company did not respond. Note, Zap Solutions, founded in 2019, has raised more than $18 million for its main product, Strike, which allows users to make fast transactions through the lightning network.