Strike, a company that facilitates payments using bitcoin, has successfully concluded a Series B financing round, increasing the company's total funding to $80 million.
According to a statement that was released on Tuesday, the round of funding was spearheaded by Ten31, a venture capital firm that specializes in Bitcoin companies.
On the other hand, the University of Wyoming and Washington University in St. Louis were also contributors to the money.
The money will go toward developing Stike's current links with local businesses and will be used for that purpose.
Strike takes use of a technology known as the Lightning Network, which is aimed at accelerating Bitcoin transactions in order to make the cryptocurrency suitable for use in day-to-day transactions such as making purchases.
Jack Mallers, founder and chief executive officer of Strike, was quoted as saying in a statement that "any organization that is in the business of transferring money is interested in superior payments," and that "we're in talks with many of them.
"Mallers was quoted as saying that "any organization that is in the business of transferring money is interested in superior payments."
According to Strike, the firm wants to develop new product lines with increased funding, which will cater to new types of clients, such as large financial institutions and enterprises.
These new customers will be targeted specifically. Significant e-commerce companies such as Blackhawk, NCR, and Shopify have already included Strike's software into their operations.
As a result of the revelation that Strike had become El Salvador's partner in its Bitcoin initiative, the company was featured in numerous news articles.
El Salvador made headlines around the world in December of 2017 when it became the first country in the world to officially recognize bitcoin as a legitimate form of currency.
By making a Bitcoin wallet accessible in the country, Strike contributed to the establishment of the essential infrastructure that is required to enable people in El Salvador to use their bitcoin holdings.
Mallers was one of the many people in El Salvador who supported passing the Bitcoin Law.
According to Mallers, the goal was to help individuals in El Salvador save money by encouraging them to adopt cryptocurrencies like Bitcoin and the Lightning Network for things like remittance payments and other uses.
According to a variety of publications, many Salvadorans are believed to have ceased using Bitcoin or to have never actually used it in the first place, despite the fact that the government has released its own wallet for residents and is providing them with free cryptocurrency.
Despite the fact that the government provided them with free cryptocurrencies, this outcome occurred.