Strike's Bitcoin Loans Soar to $10 Million in Just 48 Hours!

Holy smokes! Strike, the Bitcoin collateralized lending platform, has hit the ground running, amassing a whopping $10 million in loans only two days after going live. That's right, this platform is on fire!

With Bitcoin (BTC) going mainstream faster than a viral TikTok dance, the market for lending against BTC is exploding. On May 7th, Jack Mallers, the mastermind behind Zap and Strike's parent company, dropped the bomb that they've already dished out over $10 million in loans. And it's only been a few days since they launched!

Got questions about pricing, partners, and what's next for Strike's #Bitcoin-backed lending? Jack Mallers broke it all down in a slick video, spilling the beans on how they're planning to slash rates, prove their reserves, and take this industry to new heights. Buckle up, folks, this is just the beginning!

Strike burst onto the scene on May 6th, letting Bitcoin holders use their BTC as collateral for loans. This means users can tap into some serious liquidity without having to part ways with their precious assets. Mallers is on a mission to turn Bitcoin into a legit investment heavyweight, and lending is his secret weapon.

Bitcoin Lending Rates Still Sky-High: Strike

In a candid video on X, Mallers admitted that Strike's lending rates are still through the roof. We're talking a 12% APR for monthly payments and a 13% APR if you wait until maturity – way steeper than your average loan.

But Mallers isn't sweating it. He says these rates are just a reflection of how new the Bitcoin lending game is. Big lenders still don't get Bitcoin, but Mallers is dead set on bringing those rates down to single digits sooner rather than later.

Despite the high rates, Mallers is all in on Bitcoin-backed loans. He even uses them himself! Think about it: mortgages need you to own property, which grows at a measly 3% CAGR. Meanwhile, Bitcoin's been clocking in at a mind-blowing 30-50% CAGR. For long-term holders, borrowing against BTC could be a total game-changer compared to selling.

And here's the kicker: Strike isn't some DeFi upstart. They're a legit financial institution, teaming up with other big players in the traditional finance world. Mallers couldn't spill the beans on who those partners are just yet, but one thing's clear – Strike is here to bridge the gap between Bitcoin and the big leagues of institutional finance.