Cash App Now Allows Users to Receive Bitcoin Payments through Lightning Network

Cash App integrated with Lightning Network to approve Bitcoin payment

Cash App, the mobile payment service app founded by Block’s founder Jack Dorsey, announced the launch of three new features at the Bitcoin 2022 conference in Miami today.

• “Get Paid in Bitcoin” allows customers to auto-invest a percentage of their paycheck into bitcoin. Fiat currency coming in through automated clearing house (ACH) rails will be automatically converted into bitcoin.
• “Bitcoin Roundups” lets users round up payments to the nearest dollar to buy bitcoin with the difference.
• “Lightning Network Receives” LN sends out of Cash App were enabled in January, but now users can receive bitcoin into the Cash App via LN.

The payment app also supports URIs, or Unified QRs, which are enabled by BIP 21. URIs allow for the generalization of address types, so users don’t have to think about which address type to use to send and receive bitcoin – on-chain or Lightning Network payments. The app’s users can opt in to not having to pick between address types with this upgrade.

Cash App announced an integration with the Lightning Network earlier this year—a so-called bitcoin layer 2 that allows users to send and receive bitcoin rapidly and cheaply.

The app’s users in the United States (excluding those in New York State) will soon be able to receive bitcoin over the Lightning Network. This new feature will make bitcoin transfers practically immediate, from an average of upwards of 10 minutes.

“This new feature furthers Cash App’s mission to make bitcoin usable as a currency,” the firm said.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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