Jack Mallers is the founder and CEO of Zap, a company that develops software for Bitcoin and the Lightning Network. He is also the creator of Strike, a no-fee app that enables users to make and receive payments over the Lightning Network using fiat currency. He is renowned for his pivotal role in making Bitcoin legal tender in El Salvador, a country heavily reliant on remittances from abroad.
According to sources, as of 2023, Jack Mallers’ estimated net worth is approximately $100 million. This substantial wealth can be attributed to his accomplishments with Strike, as well as his investments in Bitcoin (BTC). His primary source of income is his equity stake in Strike, which raised $80 million in a Series B funding round in March 2021 and was valued at $300 million. Additionally, he holds a significant amount of Bitcoin, which he began purchasing in 2013 after being introduced to the cryptocurrency by his father. Notably, he does not invest in other altcoins like Ethereum or Solana, as he is a staunch advocate for Bitcoin.
Jack Mallers was born on April 9, 1994, in Chicago, Illinois. He hails from a family with a financial background; his grandfather served as the chairman of the Chicago Board of Trade, and his father founded one of the largest futures brokerages in the city. After a year of college, he opted to drop out and attended a coding school in Chicago, where he acquired software development skills. His career kicked off as a software engineer, where he focused on online payment solutions. In 2017, he founded Zap with the objective of creating a user-friendly wallet for the Lightning Network, a protocol that facilitates fast and cost-effective transactions on the Bitcoin blockchain. In 2020, he rebranded Zap as Strike, driven by his vision of making Bitcoin accessible to all, without necessitating ownership or purchase.
Jack Mallers is also celebrated for his role in making Bitcoin legal tender in El Salvador, a historic announcement made in June 2021. In 2020, he spent three months in El Salvador, immersing himself in the challenges faced by the local populace, particularly with respect to remittances, which constitute a significant portion of the country’s GDP. Recognizing that Strike could provide a solution, allowing users to send and receive money instantly and without fees using the Lightning Network, he partnered with Bitcoin Beach, a community initiative promoting Bitcoin adoption in El Salvador. Together, they successfully persuaded President Nayib Bukele to adopt Bitcoin as an official currency alongside the US dollar.
Jack Mallers is an influential figure in the cryptocurrency industry and a fervent advocate for financial inclusion and freedom. As of 2023, he resides in Chicago and remains unmarried.
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References:
- Jack Mallers – Forbes
- Jack Mallers Net Worth – Market Realist
- Image from Instagram
