Cash App Integrates Bitcoin’s Lightning Network
Key Takeaways
Cash App, the funds app from Jack Dorsey’s Block Inc., has built-in the Lightning Network for Bitcoin funds.
The Lightning Network permits for off-chain funds, thereby decreasing charges and bettering transaction occasions.
Spiral, Block’s crypto division, beforehand launched a Lightning Development Kit to be used by different builders.
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Cash App, the funds app from Jack Dorsey’s Block, has added the choice of creating funds via the Lightning Network.
Lightning Will Improve Speed and Fees
Though Cash App didn’t announce the information publicly, some customers have reported an in-app message revealing the replace. It reads:
“We’ve just added Lightning Network. Use the fastest, free way to pay anyone in Bitcoin—just scan or send to a Lightning address.”
It is unclear whether or not the brand new function is accessible to all customers at present. Some have reported that the function is initially being made obtainable to iOS customers and that Android customers haven’t seen the replace.
Lightning is a second-layer community for Bitcoin that enables transactions to be settled off-chain on P2P cost channels. This method reduces charges and improves transaction occasions.
In February 2019, Dorsey instructed the function throughout an interview alongside Lightning Labs CEO Elizabeth Stark. At that point, Dorsey stated Lightning would probably be built-in with Cash App when the corporate may discover a method to make maximal use of its velocity, noting that the addition was “not an ‘if,’ it’s extra of a ‘when.”
The feature has been expected imminently since November 2021, when TheTapeDrive editor-in-chief Steve Moser found data for the feature hidden in Cash App’s code.
Square Is Highly Involved With Crypto
Cash App launched Bitcoin shopping for and promoting in 2018 and has turn out to be more and more concerned with crypto since then.
Spiral, the agency’s crypto improvement division, launched a Lightning Development Kit in December. That device permits different builders to extra simply combine Lightning funds with their pockets or app.
Square has additionally invested in Bitcoin instantly. It has bought 8,027 BTC in two separate purchases. It purchased 4,709 BTC in October 2020, adopted by one other 3,318 BTC in February 2021. The firm’s complete funding is at present price $343 million.
Twitter, the place Dorsey served as CEO earlier than stepping down in November 2021, has additionally launched Lightning assist. Its Bitcoin tipping system is powered by the Lightning-based app Strike.
Disclosure: At the time of writing, the writer of this piece owned BTC, ETH, and different cryptocurrencies.
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