Payments platform Strike has confirmed that starting today it will permit US customers to acquire and sell Bitcoin without having to pay much of a trading fee.
The CEO and founder of Strike, Jack Mallers, took a jab at Coinbase, and mentioned that his platform would become the “cheapest and easiest place on the planet to acquire BTC.”
This decision also places Strike in direct competition with Square and PayPal.
The announcement mentioned that the company created the “Bitcoin Tab” thus letting users buy Bitcoin on Strike with “no fee outside of the market spread.” The company declared it would charge a maximum “execution cost” of about 0.3% for brokering BTC trades with a plan to lower the percentage to 0.1% in the near future.
Mallers came for Coinbase with this decision and described the high trading fees as being “asinine,” highlighting the fact that Coinbase made $1.8 billion in revenue in Q1 this year. It had a profit of $771 million out of which 94% came from fees as high as 3%.
“Make no mistake, when you buy Bitcoin on Coinbase, you are supporting shitcoins,” he added.
Source: CoinTelegraph.com