Cash App users in the U.S. can now buy, send, and receive Bitcoin using the network’s secondary payments layer Lightning Network, directly within the app.
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Fast facts
- Before the update on Tuesday, users were limited to sending Bitcoin, as Cash App didn’t support other transaction forms in Bitcoin.
- The service is not available to U.S. users in New York.
- Cash App is a mobile payment app launched by Twitter cofounder Jack Dorsey’s fintech company, Block (formerly known as Square).
- The Lightning Network is a layer 2 solution built on top of the Bitcoin blockchain, which enables faster and cheaper transactions by offloading them from the main chain.
- Bitcoin critics often argue that the network does not run on an ideal blockchain for payments due to its slow block verification and costly transaction fees.
- Bitcoin was trading at US$20,519 at 10:00 p.m. Wednesday in Hong Kong, up 5.6% over the past day, according to CoinGecko data.
See related article: EU targets Bitcoin with energy efficiency labeling for crypto
