Strike digital wallet has become the fifth most popular financial app in Argentina just one week after its launch.
The company, led by masked CEO Jack Mullers, launched its cryptocurrency payment services for the Argentine market on January 12. Strike is well known for allowing Bitcoin (BTC) payments through the Lightning Network, especially in El Salvador.
However, according to reports from local media and users, the Argentina app currently only supports the use of the Tether USDT stablecoin for Lightning transfers. However, users can purchase bitcoins through the app and send them to a third-party wallet.
On January 18, Mullers tweeted that Strike is currently ranked 5th among financial apps and the best new app in the Argentine Apple Store where it highlights the importance of the Bitcoin network:
“The best money network in human history is already here, it is open and it will destroy the world faster than anyone thinks. Open networks are winning.”
Earlier this week, Muellers said that Strike was working on adding additional BTC support and features to the app soon, noting that the company is taking an “exactly the same” approach with El Salvador.
Neither Strike nor Mullers mentioned the use of Tether as part of the company’s initial announcement, but the CEO noted that the app would allow Argentines “to maintain a stable cash balance that can be used immediately and without fees.”
According to a rough translation of a January 11 report by local media outlet iProUP, Strike’s terms of service indicate that it has partnered with exchange Bittrex to store assets and transfer funds, and state that the app will provide “currency that users can use to protect themselves” from inflation. .
“While the solution is being built on the basis of BTC technology, it is actually based on the Ethereum network, as it is a stablecoin Tether USD (USDT), below the ERC-20 token technology standard,” the post says.
RELATED: Uruguay Reportedly Installed Its First Bitcoin-Powered Automated Teller Machine
A local Strike user named Nico stated on Twitter that he could receive bitcoins through the app, but it was immediately converted to USDT, while Argentine journalist Luis David Esparragosa responded that the same thing happens with the reverse transaction when users send USDT to Bittrex, which is then converted That to BTC.
One feature that allegedly supports Bitcoin directly in Argentina is the BTC hint feature on Twitter, which Mullers alluded to via a screen tweeted last week.
Cointelegraph has reached out to Mullers for comment on the use of USDT and will update the article if it responds.