El Salvador thrust itself into financial headlines by adopting Bitcoin as legal tender. The country owes much of this transition to the efforts of Bitcoin entrepreneur Jack Mallers. His mobile payment app, Strike, is used by many Salvadorans to make Bitcoin transactions. Thanks to crypto, Jack Mallers has an estimated net worth of $4 million.
Background
Born on April 9, 1994, in the bustling city of Chicago, Illinois, Jack Mallers hails from a family with deep ties to the world of finance. His father was a long-standing member of the Chicago Mercantile Exchange, and his grandfather played a pivotal role in setting up the Chicago Board Options Exchange.
With this financial pedigree, it’s unsurprising that Jack began crafting investment strategies while still in high school. Mallers studied software development at St. John’s College and this gave him the tools to start his own business. Before diving into crypto, Jack had hopes of launching a business in the marijuana industry.
Career Beginnings
At the age of 26, Mallers founded his first company, Zap. Initially, this payment app served cannabis dispensaries, supporting two retailers in Colorado upon its launch in 2018. The app, however, quickly pivoted towards supporting cash and cryptocurrency transactions due to the legal complexities around marijuana sales on the national level.
Founding Strike
Initially called Olympus, Strike was launched by Mallers in 2019. The app distinguishes itself by integrating the Lightning Network for Bitcoin transactions and offering fee-free Bitcoin purchases, outpacing competitors like Coinbase, CashApp, and Venmo.
In 2023, Strike saw a dramatic expansion, servicing a total of 65 global markets in addition to the US, El Salvador, and Argentina. The app’s popularity exploded, particularly in El Salvador, where President Nayib Bukele’s push to recognize Bitcoin as legal tender aligned perfectly with Strike’s mission.
Net Worth and Earnings
Mallers’ initial venture, Zap, was kick-started with $3.5 million in funding from Greenoaks Capital. Despite facing potential failure, Mallers turned the company around, securing its profitability. His primary source of wealth now stems from Strike, which has attracted endorsements from several prominent brands.
A staunch Bitcoin advocate, Mallers avoids investing in other altcoins like Ethereum or Solana. Despite the volatility of the crypto market, his net worth remains robust at an estimated $4 million.
Personal Life
Jack isn’t married, and he hasn’t shared with the public anything about his present or previous relationships. He is a very secretive man and wants to keep his personal life private. Mallers is a private person who prefers to keep his personal life under wraps.
Currently unmarried, he hasn’t disclosed details about his relationships. He is known to be a sharp-minded individual, a successful investor, businessman, and a social media influencer. As Strike continues to grow and the crypto industry evolves, Mallers’ influence is bound to expand.
