Block’s Cash app officially integrated Lightning Network for bitcoin transactions and will be available to customers in the US in the next few weeks as we are reading more today in our latest Bitcoin news.
Block’s Cash App is a mobile payments app by Jack Dorsey and now it will integrate the Lightning Network as a layer 2 solution that will speed up BTC transactions for users in the US. The Cash app announced:
“Rolling out in the coming weeks, Cash App customers in the United States will be able to use the Lightning Network to send Bitcoin for free to anyone, anywhere in the world, within seconds. Customers can send Bitcoin internationally from Cash App to any external compatible wallet to a friend, family members, a self-managed wallet, or any merchant that accepts Lightning Network payments, with zero fees.”
Dorsey stepped down as CEO of Twitter in 2021 which in turn gave the former Twitter CEO time to focus on what was called Square as the digital payments company where he serves also as CEO. A month later, Square rebranded to Block and generated plenty of discussions about the company’s deeper focus on crypto projects. Dorsey said at that time:
“The name has many associated meanings for the company—building blocks, neighborhood blocks and their local businesses, communities coming together at block parties full of music, a blockchain, a section of code, and obstacles to overcome.”
The rebrand was not welcomed with some enthusiasm with Block’s stock price falling by 6% in the 24 hours of the announcement. The news today is the latest in line with pivots to crypto projects under Dorsey’s full-time leadership for the payments firm. The company named Square at that time released a white paper for a decentralized BTC exchange and the key reason why the payments company hasn’t turned to the ETH network for the project came down to Dorsey’s support for blockchain and against Ethereum’s blockchain.
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The tweets by Dorsey included one saying:
“The Ethereum Foundation is bankrolled by their premine. Them paying a researcher who is going on podcasts proclaiming Ethereum is Bitcoin is exactly why we consider it a scam.”
Last week, Block signaled its intentions to get into BTC mining and the payments company wanted to offer mining rigs that are cheaper, quieter, and easier to maintain the offerings. None of this came as a surprise given that Dorsey has become one of the biggest advocates for BTC in recent times. Dorsey said that he has to make Bitcoin more accessible to everyone:
“If I were not at Square [Block] or Twitter, I would be working on Bitcoin. If it needed more help than Square or Twitter, I would leave them for Bitcoin.”
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