Cash App, the payments app from Jack Dorsey’s Block Inc., has integrated the Lightning Network for Bitcoin payments.
The Lightning Network allows for off-chain payments, thereby reducing fees and improving transaction times.
Spiral, Block’s crypto division, previously released a Lightning Development Kit for use by other developers.
Share this article
Cash App, the payments app from Jack Dorsey’s Block, has added the option of making payments through the Lightning Network.
Lightning Will Improve Speed and Fees
Though Cash App did not announce the news publicly, some users have reported an in-app message revealing the update. It reads:
“We’ve just added Lightning Network. Use the fastest, free way to pay anyone in Bitcoin—just scan or send to a Lightning address.”
It is unclear whether the new feature is available to all users today. Some have reported that the feature is initially being made available to iOS users and that Android users have not seen the update.
Lightning is a second-layer network for Bitcoin that allows transactions to be settled off-chain on P2P payment channels. This approach reduces fees and improves transaction times.
In February 2019, Dorsey suggested the feature during an interview alongside Lightning Labs CEO Elizabeth Stark. At that time, Dorsey said Lightning would likely be integrated with Cash App when the company could find a way to make maximal use of its speed, noting that the addition was “not an ‘if,’ it’s more of a ‘when.”
The feature has been expected imminently since November 2021, when TheTapeDrive editor-in-chief Steve Moser found data for the feature hidden in Cash App’s code.
Square Is Highly Involved With Crypto
Cash App introduced Bitcoin buying and selling in 2018 and has become increasingly involved with crypto since then.
Spiral, the firm’s crypto development division, released a Lightning Development Kit in December. That tool allows other developers to more easily integrate Lightning payments with their wallet or app.
Square has also invested in Bitcoin directly. It has purchased 8,027 BTC in two separate purchases. It bought 4,709 BTC in October 2020, followed by another 3,318 BTC in February 2021. The company’s total investment is currently worth $343 million.
Twitter, where Dorsey served as CEO before stepping down in November 2021, has also introduced Lightning support. Its Bitcoin tipping system is powered by the Lightning-based app Strike.
Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Square Saw $1.8 Billion in Bitcoin Revenue in Q3
Square has released its quarterly earnings report, which includes profits and revenue from Bitcoin transactions and sales. Square’s Quarterly Bitcoin Revenue Is Down Square says that it saw $1.8 billion…
Jack Dorsey’s Square Has Been Renamed “Block”
Square Inc., a payments company headed by former Twitter CEO Jack Dorsey, announced today that it will undergo a complete rebrand. Square Becomes Block Square will now be known as…
What Is The Crypto Volatility Index?
The Crypto Volatility Index (CVI) is a decentralized solution used as a benchmark to track the volatility from cryptocurrency option prices and the overall crypto market.
Square Has Published the Whitepaper for Its DEX
Square has published a whitepaper describing its plans for a new decentralized exchange called tbDEX. Square’s DEX Will Provide Fiat Ramps The main goal of tbDEX will be to provide…