Cash App integrates Bitcoin Lightning Network for faster BTC transfers
Popular mobile payment service Cash App has integrated the Bitcoin (BTC) Lightning Network as a part of an update, allowing faster and cheaper BTC transfers using the Layer 2 (L2) payment protocol.
Cash App is developed and owned by Block (formerly Square), a fintech firm co-founded by former Twitter CEO Jack Dorsey. The announcement of the BTC L2 integration was shared as a notification on the official Cash App application, which made its way through to Crypto Twitter:
— Yegor Petrov ⚡️ (@yeg0rpetrov) January 11, 2022
The Bitcoin Lightning Network protocol addresses the noted limitations of the BTC blockchain to improve speeds while reducing the costs associated with transactions.
Just last month, Dorsey featured in a video with Lightning Development Kit (LDK), a service developed by Spiral, a Square subsidiary focused on building for the Bitcoin ecosystem. LDK allows developers to integrate Lightning protocols into Bitcoin wallets and related services.
Prior to leaving Twitter, Dorsey also openly voiced his interest in integrating L2 protocols for the newly launched tipping services on Twitter and BlueSky:
Only a matter of time
— jack⚡️ (@jack) June 11, 2021
The latest data from Business of Apps shows that Cash App catered to over 36 million users across the United States and the United Kingdom.
Favoring ongoing Bitcoin adoption, Cash App launched a service that allowed users to gift BTC and stocks over the holiday season.
Cash App allowed users to send a minimum of $1 worth of BTC without needing to own the assets beforehand.