The popular social chat application, Cash App which has over 25 million downloads, is adding Bitcoin Lightning Network. The integration will allow the app to process transactions faster and more efficiently.
The “cash app lightning network” is a new feature that allows for faster BTC transfers. The feature uses the Lightning Network to move funds around.
As part of an upgrade, the well-known mobile payment provider Cash App added the Lightning Network for Bitcoin (BTC), enabling Layer 2 (L2) payment protocol transactions that are quicker and less expensive.
Block (formerly Square), a fintech company co-founded by former Twitter CEO Jack Dorsey, is the company that created and owns Cash App. A notice on the official Cash App app announced the news of the BTC L2 integration, and it was picked up by Crypto Twitter:
The news is accurate! Bitcoin Lightning has been introduced by @CashApp to the network.
(@yeg0rpetrov) Yegor Petrov 11 January 2022
The Bitcoin Lightning Network protocol fixes the BTC blockchain’s aforementioned flaws to increase transaction speeds and lower transaction fees.
The Lightning Development Kit (LDK), a tool created by Spiral, a Square company devoted to developing for the Bitcoin ecosystem, was highlighted in a video featuring Dorsey only last month. Developers may include Lightning protocols into services and Bitcoin wallets using LDK.
Dorsey has publicly expressed his interest in using L2 protocols for the recently announced tipping systems on Twitter and BlueSky before he left Twitter:
It will happen soon.
11 June 2021 — Jack (@jack)
More than 36 million customers in the United States and the United Kingdom were served by Cash App, according to the most recent statistics from Business of Apps.
Users of Block’s Cash App will be able to give BTC as Christmas gifts.
Cash App introduced a service that let users give stocks and bitcoin as gifts throughout the holiday season in an effort to support further Bitcoin adoption.
Users of Cash App might transmit Bitcoin for as little as $1 without having to first acquire the currency.
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