Cash App has added support for transactions through the Bitcoin Lightning Network. The update will allow users to send and receive Bitcoin via the app.
Michael Rihani, the Product Lead at Cash App, made the announcement over Twitter, and an official support page on the platform confirmed it.
According to the support page added on Oct 25, payments can be made by scanning the Lightning Invoice QR code with the mobile camera. Users can receive payments by sharing a QR code or link generated through the app with the sender.
Support for Bitcoin transactions through the Lighting Network for paying invoices was already available on the app in a limited capacity. Now, users can also receive Bitcoin payments, and all transactions involving QR codes will be routed through the Lightning Network by default unless otherwise specified.
However, the new feature comes with a transaction limit of $999 every seven days and will be only available to people of the United States, excluding the users of New York state.
Lightning Network
Lightning Network is a fast and cost-efficient layer-2 solution for transferring Bitcoin. “There are typically little to no fees involved, and it’s used to send smaller amounts of bitcoin. Lightning transactions are not recorded on the blockchain.” reads the support page.
Even though the adoption of the Lightning Network has been slow, proponents argue it could help in the proliferation of the world’s largest cryptocurrency, Bitcoin, for everyday purchases.
Cash App is a popular mobile payment service created by Block Inc (formerly Square), run by ex-Twitter CEO and crypto enthusiast Jack Dorsey. It is available for users in the United States and United Kingdom.
The platform first introduced Bitcoin trading in 2018, making it extremely popular. Last year, Cash App generated $12.3 billion in revenue, with 81% coming from Bitcoin.
