Cash App Introduces Bitcoin Transactions via Lightning Network
Payment processing app created by Block Inc, Cash App, has now added support for Bitcoin transactions enabling users to both send and receive Bitcoin via the lightning network.
After its integration with the lightning network in February to allow users to make payments using Bitcoin, Cash App has now added support for transactions via the Bitcoin Lightning Network.
The Lightning Network is a layer-2 solution network built on top of Bitcoin to improve its scalability and enable instant payments across a network of participants.
The Product Lead Michael Rihani initially revealed this announcement when he made a post about it on Twitter. He added, “Cash App now supports both send and receive over lightning. As long as the other wallet supports LN, you should be good.”
According to Michael Rihani, this new feature is only currently available to Cash App users in the United States. In addition, the feature is excluded for residents in New York State, as they won’t be allowed to employ this service.
When some users commented on Micheal’s announcement about the feature on Twitter, they indicated that it wasn’t working. Michael confirmed that the feature is available for both Android and iOS users, and they should either install or update to the latest version of the app.
CashApp started as one of the first mainstream payment apps to support Bitcoin since 2018. “We believe that bitcoin is the world’s best digital, sound money, period,” said Miles Suter, Crypto Product Lead at CashApp. “We believe that Bitcoin is for the people and that in America, Cash App is the financial app for the people.”
In addition to Cash App’s support of the Bitcoin lightning network, the layer 2 solution itself has been growing so well over the years. As reported by Blockchain.News earlier this month, the lightning rework now crossed the 5,000 BTC Benchmark, marking its increase of an additional 2000 BTC in just 1 year.
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