Cash App users can now invest paychecks into Bitcoin
At the Bitcoin 2022 conference in Miami on Thursday, Cash App announced a new feature for U.S. customers which will allow them to automatically invest a portion of their direct deposit paychecks into Bitcoin (BTC). The mobile payment service run by Jack Dorsey’s Block, formerly known as Square, will enable Cash App Visa Cash Card users to opt into this “Paid in Bitcoin” feature at no cost.
Cash App’s Bitcoin Product Lead Miles Suter, who made the announcement Thursday, explained that any percentage from 1% to 100% of their direct deposits can be automatically converted into Bitcoin, and adjusted if needed at any time. Additional features include the option to round up to the nearest dollar any Cash Card transaction made on Visa debit card connected to a Cash App balance and divert the spare change into BTC.
Recently Cash App announced compatibility with the Bitcoin Lightning Network for BTC transfers. This enables U.S. Cash App users to make faster BTC transactions across mainstream businesses. Lightning Labs, the leading developer of the Lightning Network, closed a $70 million Series B funding round this week in order to further faster and cheaper Bitcoin and stablecoin transactions.
Following this announcement on the main stage of the Bitcoin conference, tennis champion Serena Williams the NFL’s Odell Beckham Jr. and Aaron Rodgers, sat down with Suter to discuss Bitcoin. Both Rodgers and Beckham Jr. were among a growing list of athletes that partnered with Cash App and opted to receive a portion of their salaries in Bitcoin last year.
Williams, who founded her own venture capital firm called Serena Ventures, announced on stage that she is working with Cash App in order to advance Bitcoin adoption. She revealed she has been investing in Bitcoin for the past nine years and stated that there is “still so much that needs to be done” in terms of education and understanding about Web3 in order to “increase access and opportunity to invest.”