Cash App has now made it possible for users to send or receive payments of Bitcoin via the Bitcoin Lightning Network. This feature comes nearly three years after Cash App originally announced it would do so.
“The Lightning Network is a second layer technology applied to the Bitcoin blockchain that is intended to enable faster transactions with little to no fees,” Cash App states. “You can use Lightning to send and receive Bitcoin in Cash App.”
The feature is now available to all Cash App users but was initially unveiled earlier this year to a limited audience. Cash App made no official announcement, however, the chosen few took notice of the Lightning feature and posted screenshots on Twitter. These users also stated that they could perform Bitcoin transactions in seconds with lower fees.
With the Lightning Network, Cash App users can send and receive payments in Bitcoin of up to $999 per week. Additionally, users can deposit $10,000 worth of Bitcoin every seven days. The Lightning feature also provides an option to automatically invest a percentage of one’s direct deposit.
The second layer feature makes this process quicker and more efficient–taking seconds to process transactions compared to potential hours with the Bitcoin blockchain.
With 44 million active users, Cash App first made Bitcoin transactions possible in 2018, making the San Francisco-based company a popular platform for Bitcoin trading. Eighty-one percent of Cash App’s $12.3 billion in revenue came from Bitcoin in 2021.
Cash App was co-founded as Square Inc. by Jack Dorsey. And he has been an advocate for digital currencies for quite some time.
Dorsey is quoted as saying digital currencies provide an “opportunity to get more people access to the financial system.” Additionally, he says Bitcoin will be the world’s top currency in 10 years and calls it a “transformational technology.”
