As one of the youngest crypto entrepreneurs, Jack Mallers net worth attracts much public interest. How much is this Chicago-based Bitcoin legend worth, and how much has he invested in the currency?
Key Insights:
- Jack Mallers’ company, Strike, has an estimated valuation of $300 million
- He avoids investing in altcoins, maintaining only Bitcoin investments
- A recent funding round for the Strike app injected 80 million worth of investments into the company
Jack Mallers Biography: Who Is Jack Mallers?
Jack Mallers is a renowned software developer and the CEO and founder of Zap, the company behind Strike Wallet. The CEO was born on April 9, 1994, in Chicago. His keen interest in technology started at a young age, inspired by his father, a software developer.
In 2018, Mallers had his first try as a crypto entrepreneur. At only 26 years old, he launched a payment application named Zap. Zap specifically focuses on helping cannabis sellers find a secure and trusted platform for transacting with their clients.
Since marijuana was for non-recreational use and was only legal at the state level, most retailers had difficulty getting banking services. Zap offered to resolve this problem, but the business model failed.
When Jack Maller realized Zap wasn’t profitable in the cannabis business, he quickly switched it to a cryptocurrency exchange, hoping it would become an alternative to platforms like Binance, FTX, and Bitstamp. The venture didn’t take off, so in 2019, he repurposed the app as a global money application that fast-tracks Bitcoin transfers, and this time, it worked.
The Rise of Strike
Strike, originally named Olympus, is an app that helps crypto investors buy, sell, and withdraw Bitcoin quickly, securely, and affordably. The Strike app has embedded Lightning Network software in its design to achieve these objectives.
The Lightning Network is a Bitcoin scaling product. It allows multiple transactions to run without waiting for block confirmations from the parent Bitcoin blockchain, resulting in quicker and cheaper transfers.
The Strike app has grown to be a popular application, expanding its user base to about 65 countries. The company also raised at least $80 million in a series B-funding round to improve the quality and reach of the platform’s services.
What Is Jack Mallers Net Worth
Mallers is very private, meaning most of his investments are unpublicized. This makes it hard to track the exact degree of his net worth. However, as the major shareholder in Strike, a company valued at a minimum of $300 million, Maller’s net worth is at least $50 million.
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How Did Jack Mallers Make His Money?
Jack Maller’s money comes from the proceeds of his Bitcoin payment app, Strike, and other Bitcoin investments.
Mallers first struck his fortune by investing in Bitcoin when its token price was only $200. Later, as the coin’s value skyrocketed, it significantly contributed to the rise of the CEO’s financial worth.
Only the beginning
— Jack Mallers (@jackmallers) June 14, 2023
This is now live in the U.S. Users can send as little as $5 instantly to Mexico
Soon we'll enable all of this global infrastructure for the new markets around the world we recently launched
A global money app built on #bitcoinhttps://t.co/o0OMUMyXM8
Additionally, Maller’s decentralized finance app, Strike, adds to his net worth. Strike has played a significant role in getting people to adopt Bitcoins, including the government of El Salvador. Through President Nayib Bukele, El Salvador was the first country to make Bitcoin legal tender. Jack Mallers played a notable role in making this happen.
The tech-savvy CEO even petitioned the El Salvador government to consider Strike its Bitcoin contractor. Though this move was unsuccessful, Strike gained massive popularity in the country and remained one of the leading Bitcoin transfer apps.
How Much Bitcoin Does Jack Maller Own?
It is unclear how much Bitcoin is in Jack Maller’s crypto wallet. But considering the valuation of his company, Strike, Maller could have millions worth of Bitcoin tokens. Before the company’s Series B-funding, Strike was worth over $200 million. Following the funding round, this value rose to $300 million.
Jack has about $50 million worth of shares as the company’s biggest shareholder. These shares could be stored as Bitcoin, considering Mallers does not invest in any altcoins because he is a firm Bitcoin supporter.
Final Thoughts
Jack Mallers is one of the youngest and richest crypto entrepreneurs. His app, Strike, leverages the power of the Lightning Network to enable faster and more secure Bitcoin transactions. The app is an absolute success, serving users across at least 65 countries and amassing $300 million worth of value.
This value has greatly contributed to Jack Mallers’ net worth, placing his crypto asset value at about $50 million.
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