PANews reported on May 7 that according to The Block, Strike, a Bitcoin Lightning Network payment application founded by Jack Mallers, announced the official launch of the crypto loan service "Strike Lending". The service is open to individual and corporate users, initially only in certain areas of the United States, and will be expanded to the world in the future. Users can use Bitcoin as collateral to obtain cash without selling their positions. The loan period is 12 months, the amount ranges from US$75,000 to US$2 million, the annual interest rate is at least 12%, and there are no loan origination fees and early repayment fees, and credit scores are not affected. Strike emphasizes that its loans are supported by vetted capital providers, and assets will be held in custody by partner institutions during the loan period. The platform always bears legal responsibility for user assets.