Payment platform Strike has announced that it will allow US customers to buy and sell Bitcoin with almost no trading fees starting today.
In an announcement on July 1, Strike founder and CEO Jack Mallers launched a salvo on top US cryptocurrency exchange Coinbase, stating that his platform will become the “cheapest and easiest place in the world. planet to acquire BTC. “
The move also places Strike in direct competition with Jack Dorsey’s Square and PayPal, which began offering crypto assets within the platform to US clients in November 2020.
The announcement stated that the company has launched the “Bitcoin tab” which allows the possibility to buy striking Bitcoin without “commissions outside the market margin.”
The Chicago-based payments firm stated that it would charge a maximum “execution cost” of around 0.3% for brokering BTC trades, seeking to reduce it below 0.1% in the coming months as volume increases.
The popular Robinhood trading app also offers commission-free crypto trading in select states. More than 6 million new customers bought cryptocurrencies on the platform during the first two months of 2021.
Mallers is directly targeting Coinbase with the move, labeling its excessive trading fees “stupid.” He noted that Coinbase made $ 1.8 billion in revenue in the first quarter of 2021, with $ 771 million in profit, 94% of which came from fees as high as 3%.
He was highly critical of the exchange’s free giveaways that give users a couple of dollars in altcoins for watching videos.
“Make no mistake, when you buy Bitcoin on Coinbase, you are supporting shitcoins.”
Related: Coinbase Could See Long-Term Fee Compression, CEO Expects
There was also a dig at PayPal which according to him recently raised fees across the board as well, now charging sellers 3.49% + $ 0.49 to process crypto transactions.
Mallers added that the goal is to push prices in the market as close to nowhere as possible, which would be in keeping with the spirit of Bitcoin.
“Our mission is to ensure financial freedom for everyone, and we won’t stop until we do it for the 8 billion people on the planet.”
As reported by Cointelegraph, Strike has partnered with the government of El Salvador to help with its Bitcoin adoption implementation.