Cash App Integrates Lightning Network for Bitcoin Payments

Lightning Network is a decentralized protocol that uses smart contracts on top of blockchain-based cryptocurrencies like bitcoin

article-image

Source: Shutterstock

share

key takeaways

  • Cash App is a mobile money transfer service that allows people to send and receive money as well as bitcoin
  • Block (formerly Square) developed Cash App; Block’s CEO is Jack Dorsey

Mobile payment service Cash App has added a layer-2 payment protocol Lightning Network to help users transact with bitcoin, according to reports by users. 

The feature was rolled out to a handful of users and the Lightning Network feature can be used as “the fastest, free way to pay anyone in bitcoin,” according to screenshots

At the time of publication, it was not clear how users were selected and how many users have received the new feature.

Cash App was not available for immediate comment requested by Blockworks. But Jack Dorsey, the co-founder and CEO of Block, which developed Cash App, has been acknowledging and liking tweets on Twitter by Cash App users posting screenshots of their Lightning Network transactions on Cash App. 

Dorsey is the former co-founder and CEO of Twitter. Block, formerly known as Square, owns Cash App, TIDAL and TBD54566975, a platform for decentralized bitcoin exchanges being developed by Dorsey. 

The Lightning Network

Lightning Network is a decentralized protocol that uses smart contracts on top of blockchain-based cryptocurrencies like bitcoin. Through the network, participants can instantly send, receive or transact payments without creating an on-blockchain transaction for individual payments, according to its website

In February 2019, Dorsey said during an interview that rolling out the Lightning Network on Cash App, is “not an if, it’s more of a when.” Nearly three years later, his plans have come to fruition.

Dorsey has recently been an outspoken advocate for crypto and said that bitcoin will replace the US dollar. He has also that bitcoin will “unite a deeply divided country (and eventually world).”


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2023

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research Report Cover Vertex.jpg

Research

The proliferation of new perp DEXs has led to fragmented liquidity across various DEXs and chains. Vertex, known for its vertically-integrated DEX that includes spot, perpetual, and integrated money markets, is now tackling cross-chain liquidity fragmentation through horizontal integration with the launch of new Edge instances. Vertex's integrated offerings and cross-margined account structure amplify the benefits of new instances: native cross-chain spot trading, optimized cross-chain basis trading, consistent interest rates, reduced bridging friction, and more.

article-image

Partnering with EtherFi and Angle, the fully on-chain perp DEX features bespoke collateral

article-image

Sponsored

Gavin Wood introduced the next evolutionary step for the Polkadot network: the Join-Accumulate Machine, or JAM

article-image

The side events were the places to be at Consensus 2024, according to attendees

article-image

Also, who’s come out swinging in the spot ether ETF fee war — and who could undercut them

article-image

I know it is not in their nature, but US regulators could learn a lot by researching the digital asset frameworks that overseas regulators have already gotten right

article-image

Also, the ETF hype train can count out at least one member