Strike is ranked 14th in the PlayStore and 39th in the AppStore.
In Argentina, Strike only functions as a custodial “wallet” for USDT.
A little over a week ago Strike arrived in Argentina. It is an application for mobile phones that works as a custodial “wallet” for the stablecoin Tether (USDT).
Interestingly, the publication Bitcoin Magazine today launched a tweet in which present as “news flash” that Strike is the number one app in stores in that South American country.
Let’s see if it is so. In Playstore, the Android app store, It is in the 14th position in the general ranking. If we go to its specific category, “Finance”, then it is in the number 3 position (after the Banco Nación and MercadoPago applications).
In AppStore, the app store for iOS devices, you have to go look for Strike up to 39th place in the general ranking. In the “Finance” category, it ranks fourth, after MercadoPago, Banco Nación and the cryptocurrency broker Lemon.
It is true that the Bitcoin Magazine publication could be a mistake or, perhaps, it was in that position for a few seconds (within the “Finance” category). We will not know, because the American media did not provide sources for their information. Anyway, it served for some local bitcoiners to express their opinion on the matter.
“Practically nobody uses Strike in Argentina”
That was the case, for example, of Franco Amati, one of the co-founders of the NGO Bitcoin Argentina. “Practically nobody uses Strike in Argentina”, wrote, to later add: “the only downloads it can have are from Argentine bitcoiners who try it and then delete it when they notice that it does not have conversion to fiat money, as local exchanges do.”
The latter is true. Strike in Argentina works purely and exclusively as a custodial wallet for USDT. They have no connection with banks. It also does not allow you to store bitcoin (BTC).
Interestingly, BTC can be sent to Strike (both through the main network and through the Lightning network, or LN) but they are automatically converted to USDT on the platform, as CriptoNoticias reported days ago.
To withdraw funds, Strike allows you to do so in three ways: to another “wallet” of the same company (without commissions, since they are movements in the company’s database); to an Ethereum address as an ERC-20 token (for which you have to pay network fees); or to a Bitcoin or LN address (in those cases, Strike itself does the conversion to BTC).
That is to say, Strike (at least as it currently works in Argentina) does not offer anything that Argentine brokers and exchanges do not offer. Even as a stablecoin custody platform, it is at a disadvantage. Several local companies (for example, BuenBit, Lemon, Belo and Ripio), at least offer the user a certain interest rate for depositing stablecoins on their platforms.
In addition to Amati, other Twitter users also showed some annoyance at the presentation of Strike as the most downloaded app in Argentina. @studiobpgroup qualified as «circus» the advertising move. According to this tweeter, they want to pass it off “as if it were a humanitarian issue.”
“Jack was sold to Tether”
The Argentine lawyer and bitcoiner, Camilo Jorajuría de León, took advantage of the occasion to exhibit his maximalist position on the pioneering cryptocurrency. In response to a user who said he did not understand what Strike was for, Jorajuría de León he replied: “to sell shitcoins. Jack was sold to Tether.”
That last one was a reference to Jack Mallers, founder and CEO of Strike. This young businessman has been influential in the adoption of Bitcoin as legal tender in El Salvador (although he denies having commercial relations with the Government of that country).
Your company, Strike, defines herself with The mission to make “a more connected financial world”.
In El Salvador, a country where remittances are highly relevant to the economy, Strike has been able to take advantage of the market niche to stand out as an application that provides a useful service to the population. In Argentina, at least for now, this has not yet happened.