El Salvador is a country that has been in the financial headlines for making Bitcoin legal tender and Bitcoin entrepreneur Jack Mallers played a major part in this milestone. That’s because his app, Strike, is used by many Salvadorans to make Bitcoin transactions. As of 2022, Jack Mallers has an estimated net worth of $4 million.
Background
Hailing from Chicago, Illinois, Jack Mallers was born on May 9, 1994. Not much is known about his early years except that he came from a wealthy family. His father is a long-time member of the Chicago Mercantile Exchange which is a global derivatives marketplace.
Furthermore, his grandfather was the one who signed the check that established the Chicago Board Options Exchange. With his family’s influence, Jack started investing during high school.
For his post-secondary education, he went to St. John’s College. It is reported that Mallers studied software development 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
He founded his first company, Zap, at 26 years old. With a payment app, the company first worked on cannabis dispensaries. When it first launched in 2018, it supported two retailers in Colorado.
While marijuana has been legalized on a state level in much of the United States, it is still prohibited for recreational use on a national level. This made financial services harder to come by for outlets.
Because of this, Zap resorted to cash and cryptocurrency. Mallers’ business fully transitioned into a cryptocurrency exchange after trying to act as a marijuana payments firm. Once he realized it wouldn’t work he quickly pivoted into a different industry.
Founding Strike
Jack launched Olympus, the initial name of Strike, in 2019. It integrates the Lightning Network into its app to provide fast Bitcoin transactions. Strike also prides itself on offering no fees to users for purchasing Bitcoin, making it cheaper than the likes of Coinbase, CashApp and Venmo.
Current Strike is available in three countries, including the US, El Salvador and Argentina. Users in Argentina can only use Tether on the platform.
Mallers developed a close relationship with Nayib Bukele, the President of El Salvador, who pushed to acknowledge Bitcoin as legal tender. With this, Strike became a popular app for crypto transactions among Salvadorans.
In 2021, Strike attempted to work as a contractor for El Salvador’s government by assisting with the country’s Bitcoin adoption. However, their offer was denied. Even so, Jack’s app is still allowed to operate in the country.
Net Worth and Earnings
When he established his first business, Zap, Jack Mallers received $3.5 million in funding from Greenoaks Capital. Though the company almost failed, Jack found a way to save it and make it a profitable venture.
Most of his current wealth is from the Strike app, which is endorsed by many major brands. As a Bitcoin hardcore advocate, he doesn’t invest in other altcoins like Ethereum or Solana. Though the digital asset is volatile, Jack has a steady net worth of about $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.
