Payments platform Strike has reportedly revealed specific information regarding its initiative to enable Bitcoin selling and purchasing, with next-to-zero trading fees, for clients based in America. 

Specifically, Jack Mallers – Strike founder and current Head – reportedly shot a salvo towards US-based top-tier crypto exchange behemoth Coinbase, claiming that his firm has a target of becoming the “cheapest and easiest place on the planet to acquire BTC.”

The development will reportedly set Strike out to be a direct rival to Jack Dorsey’s Square and with PayPal, which rolled out crypto asset offerings within the platform’ scope to its clients in America, in November last year. 

The company has made the “Bitcoin Tab” available, making it possible to purchase Bitcoin on Strike with “no fee outside of the market spread.”

The payment establishment from Chicago reportedly disclosed that the highest fee it would charge will be approximately 0.3% for brokering BTC trades, and having further plans to bring that number down to under 0.1% throughout the next months, with volume on the rise. 

Well-known trading app Robinhood also provides commission-free crypto trading across a few particularly chosen states. Over 6 million new customers finalized the acquisition of crypto on the platform in January and February this year. 

Mallers is reportedly shooting a warning shot directly at Coinbase following the new initiative, labeling its excessive trading fees as “asinine”. He mentioned that $1.8 billion in revenue has been generated for Coinbase in Q1 2021, with $771 million in profit, 94% of which was generated from fee that reaches to 3%.

“Make no mistake, when you buy Bitcoin on Coinbase, you are supporting shitcoins.”