Bitcoin-based Startup Zap Opens Strike for Public Beta And Plans to Release Visa Rewards Card
Jack Mallers, Zap founder, revealed on Thursday that Zap’s Strike product, which enables individuals to receive Bitcoin in US dollar form through direct bank deposits, opens up for the public beta.
I just published Announcing Strike Public BETA
Your debit card can now pay Lightning invoices. Your bank account now speaks Bitcoin.
Ready for liftoff 🚀🔥😃🌚https://t.co/KDhKA3BTl1
— Jack Mallers (@JackMallers) July 2, 2020
Mallers, who is also a lightning network developer, announced that Zap has finally entered Visa’s Fast Track program. In an email with CoinDesk discussing the firm’s 2020 plans, Maller elaborated that joining the program will position the firm to enter the market quickly. He said:
“Visa works with members of the Fast Track program to help them go to market in the most efficient way possible, providing them support and resources every step of the way.”
Mallers also explained that his main focus for 2020 is introducing a Strike card for use by consumers using the app as well as integrating it with Visa Direct, the program which makes Venmo payments so fast. However, he did not give a date when the Strike card will be launched.
Mallers also explained that Visa will be Zap’s partner for consumer issuance offering but will not take part in merchant offering.
Visa has been very aggressive in inking deals with crypto-based firms this year. For instance, with Coinbase, as well as Fold, the shopping reward app, provides corresponding Visa cards. The cards are mostly used by cryptocurrency users who prefer to get crypto rewards as opposed to other forms of kickbacks. Also, there are crypto debit cards that enable individuals to use dollars. Currently, it is not clear the options that Zap will avail to its cardholders this year.
Although Visa confirmed the partnership deal, it declined to offer additional information by the time of publication.
While Cash App by Jack Dorsey, as well as a renowned exchange platform, Coinbase are highly referred to as the mainstream apps when it comes to selling and purchasing Bitcoin, Mallers is set to provide an app with the same capabilities but at low costs.
Currently, the Strike platform is mostly common among small businesses as well as with their customers.