The layer-two protocol addresses the historic limitations of Bitcoin to improve speeds while reducing transaction fees.
Popular mobile payments service Cash App has integrated the Bitcoin Lightning Network as a part of an update, allowing faster and cheaper Bitcoin (BTC) transfers using the layer-two (L2) payments protocol.
Cash App is developed and owned by Block (formerly Square), a fintech firm co-founded by former Twitter CEO Jack Dorsey. The announcement of the Bitcoin L2 integration was shared as a notification on the official Cash App application, which made its way to Crypto Twitter:
The news are real! @CashApp added #Bitcoin Lightning ⚡️Network pic.twitter.com/zbbdqcx0dC
— Yegor Petrov ⚡️ (@yeg0rpetrov) January 11, 2022
The Lightning Network protocol addresses the noted limitations of the Bitcoin blockchain to improve speeds while reducing transaction fees.
Just last month, Dorsey featured in a video with Lightning Development Kit (LDK), a service developed by Spiral, a Square subsidiary focused on developing the Bitcoin ecosystem. LDK allows developers to integrate Lightning protocols into Bitcoin wallets and related services.
Prior to leaving Twitter, Dorsey also openly voiced his interest in integrating L2 protocols for the newly launched tipping services on Twitter and BlueSky:
Only a matter of time
— jack⚡️ (@jack) June 11, 2021
The latest data from Business of Apps shows that Cash App has catered to over 36 million users across the United States and the United Kingdom.
Related: Block’s Cash App will allow users to gift BTC for the holidays
Favoring ongoing Bitcoin adoption, Cash App has launched a service that allowed users to gift BTC and stocks over the holiday season.
Cash App allowed users to send a minimum of $1 worth of BTC without needing to own the assets beforehand.
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