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Jack Mallers: A Pioneer in Bitcoin Finance

Posted on Apr 17, 2025 by Marco Lucchetti
Jack Mallers: A Pioneer in Bitcoin Finance

Jack Mallers, the founder and CEO of Zap, is a pivotal figure in the evolution of Bitcoin-based financial services. As the mind behind Strike—the user-friendly payments platform behind Strike—he has positioned himself as a key player in making Bitcoin adoption and the Lightning Network more accessible. Strike enables instant, low-fee Bitcoin transaction processing without requiring users to set up a wallet or purchase Bitcoin in advance, removing key barriers for mainstream users.

Jack Mallers' Childhood and Personal History

Jack Mallers was born in 1994 in Chicago, Illinois. He comes from a family with a strong financial background: his grandfather was the chairman of the Chicago Board of Trade, and his father founded one of the largest futures brokerages in the region. After briefly attending St. John’s University, he joined the Starter School in Chicago to build technical expertise. There, he developed real-world applications, gaining hands-on experience that would eventually support his vision of reshaping the financial system.

Bitcoin Involvement and the Founding of Zap by Jack Mallers

Introduced to Bitcoin in 2013, Mallers recognized early on the potential of this decentralized currency. In 2017, he launched Zap, a non-custodial wallet designed to support Lightning Network payments. This wallet was originally developed for cannabis dispensaries, which often faced limitations accessing traditional banking services. Zap was a wallet designed with simplicity in mind, providing a user-friendly way to interact with Bitcoin’s capabilities.

Mount Olympus and the Journey to Attack

In 2019, Mallers introduced Olympus—a feature within Zap—allowing users to purchase Bitcoin directly using a bank account or debit card. While Olympus was an important step toward adoption, it required users to hold Bitcoin themselves, introducing tax liabilities and volatility risks.

To overcome these hurdles, Mallers launched Strike in 2020. With Strike, users could make Lightning Network transactions using fiat currency, eliminating the need to own or manage Bitcoin. This model allowed users to pay in dollars while taking advantage of the speed and efficiency of Bitcoin’s network. Strike simplified Bitcoin payments, lowered entry barriers, and supported real-time conversions, making Bitcoin more accessible to the general public.

info mallers

Tactical Expansion and Alliances

Under the leadership of Jack Mallers, CEO of Zap, Strike formed strategic partnerships with companies like Bittrex, Prime Trust, Shopify, and Twitter—where Strike’s API enables Bitcoin tipping. The platform’s features include no-fee transactions, salary payments in Bitcoin, and seamless fiat-to-crypto conversions. These developments positioned Strike at the forefront of the future of finance.

Bitcoin as Legal Tender in El Salvador

One of Mallers' most influential contributions was in El Salvador’s historic move to adopt Bitcoin as legal tender. After conducting in-depth research in El Zonte—also known as Bitcoin Beach—Mallers worked closely with President Nayib Bukele to explore how Bitcoin could solve the country’s remittance problem. With 70% of citizens unbanked and remittance fees eating into household incomes, Strike offered a compelling solution. This collaboration led to the Bitcoin Law, making El Salvador the first country to adopt Bitcoin as legal tender.

A Defining Moment for Bitcoin

Mallers, speaking at the Bitcoin 2021 conference, described the move as "one of the most important economic developments in the last 250 years." His role behind Strike and his vision for making Bitcoin a practical financial tool reflect his deep commitment to financial inclusion and decentralized innovation. He emphasized that the adoption of Bitcoin as legal tender in countries like El Salvador could set a precedent for global financial systems, potentially offering a more inclusive and accessible alternative to traditional banking services. Mallers highlighted the transformative power of Bitcoin to empower individuals who are underserved by existing financial institutions, allowing them to participate in the global economy with lower transaction costs and increased security.
Mallers' enthusiasm for Bitcoin is rooted in its potential to reduce dependency on centralized financial authorities and to democratize access to financial services. By leveraging the technology behind Bitcoin, such as the Lightning Network, Mallers envisions a world where remittances can be sent instantly and affordably, helping to uplift economies that rely heavily on these flows of capital.
His work with Strike aims to bridge the gap between Bitcoin and fiat currencies, making it easier for everyday users to transact seamlessly in their preferred form of money. Mallers is dedicated to developing tools and infrastructure that enhance Bitcoin's usability and foster its adoption on a global scale.
At the conference, he also addressed the challenges that come with such innovations, including regulatory hurdles and the need for education to ensure users understand both the benefits and risks associated with cryptocurrencies. Mallers remains optimistic, however, that with continued innovation and collaboration within the crypto community, Bitcoin can become a cornerstone of a more equitable financial future. 

Global Expansion and Ongoing Impact

By 2023, Strike expanded to over 65 countries, serving nearly 3 billion users and processing more than $1 billion in monthly transactions. Mallers continues to drive Bitcoin adoption worldwide, focusing on user-friendly, scalable solutions that eliminate barriers to entry.

Key Stats (as of 2025)

  • Bitcoin market cap: Over $1.3 trillion—surpassing Ethereum by a factor of three.
  • Volatility: Bitcoin reached its lowest volatility since inception.
  • El Salvador's Bitcoin reserves: 6,102 BTC (~$550 million).
  • Strike global usage: Serves nearly 3 billion users in over 65 countries.

Expert Commentary

  • Morgan Stanley calls Strike “a digital payments disruptor poised to challenge Visa.”
  • Jack Mallers, founder and CEO of Zap, said, “The Lightning Network can do for money what the internet did for communication.”
  • Axios highlights that Strike’s $80 million in funding reflects investor trust—even amid uncertain crypto markets.

Why It Matters

  • Empowering the unbanked: In countries like El Salvador, Jack Mallers' work has helped create access to financial tools for millions without traditional banking services.
  • Redefining remittance: By eliminating fees and delays, Strike revolutionizes how cross-border remittances are handled—particularly for communities reliant on fast, affordable transfers.
  • Driving global adoption: Mallers' role in developing Olympus, Zap, and Strike represents a blueprint for integrating Bitcoin into daily life—without technical complexity.
  • Decentralizing finance: From cannabis dispensaries to emerging markets, the tools Mallers built prioritize user-friendly design and real-world application.
  • Inspiring a generation: As founder and CEO of Zap, and the strategist behind Strike, Jack Mallers is a symbol of what’s possible when innovation meets purpose.

Learn more at: https://www.strike.me/

Conclusion

Jack Mallers’ journey—from a young developer in Chicago to the global face of Bitcoin adoption—exemplifies how vision, innovation, and determination can shape the future of finance. As the founder and CEO of Zap, and the driving force behind Strike, Mallers has broken down barriers in the crypto space and built tools that empower millions. His continued commitment to financial inclusion, decentralized systems, and accessible technology ensures that Bitcoin remains not just a digital asset—but a vehicle for real-world change.

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Any questions?

Because of his deep roots in the financial world, his creation of Zap, his leadership behind Strike, and his vision to make Bitcoin payments mainstream, Jack Mallers is considered a key figure in the global push toward decentralized finance.

Users can create a Strike account and use their bank account or debit card to transact on the Lightning Network using fiat currency.

Mallers played a significant role in El Salvador’s decision to adopt Bitcoin as legal tender. He worked with President Nayib Bukele to demonstrate how Bitcoin and Lightning could help modernize open systems and the country’s financial infrastructure.

Strike is a popular no-fee app that allows users to make and receive Bitcoin payments using the Lightning Network without needing to set up a wallet.

Olympus was a feature introduced by Mallers that allowed users to buy Bitcoin using their debit cards or other payment methods. It was later rebranded into Strike.

Zap, the parent company behind Strike, was created by Jack Mallers as a wallet designed to make Bitcoin transactions more accessible. Zap initially targeted cannabis dispensaries due to the illegality of marijuana in banking.

The Lightning Network is a protocol built on top of the Bitcoin blockchain. It enables fast and low-cost transactions, allowing users to make and receive payments over Bitcoin’s Lightning Network.

Jack Mallers was introduced to Bitcoin by his father in 2013, which sparked his early interest in the cryptocurrency space.

Mallers attended St. John’s University in New York before joining the Starter School in Chicago to pursue his passion for technology.

While his exact net worth is not publicly confirmed, Jack Mallers has secured over $80 million in funding for Strike and Zap, making him one of the most influential young entrepreneurs in the cryptocurrency community.

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