Bitcoin’s layer-two protocol Lightning Network has been integrated into the popular Cash App as part of an update, this feature will allow for faster and cheaper Bitcoin (BTC) transactions.
Block (previously Square), a fintech firm co-founded by former Twitter CEO Jack Dorsey, develops and owns Cash App. The news of the Bitcoin L2 integration was announced via a notification on the official Cash App app, which was picked up by Crypto Twitter:
— Yegor Petrov 🔑⚡️ (@yeg0rpetrov) January 11, 2022
The Lightning Network protocol improves transaction speeds while lowering transaction fees by addressing the Bitcoin blockchain’s known constraints.
Dorsey appeared in a video with Lightning Development Kit (LDK), a tool developed by Spiral, a Square company focusing on the Bitcoin ecosystem, only last month. Developers can use LDK to incorporate Lightning protocols into Bitcoin wallets and other services.
Prior to his departure from Twitter, Dorsey expressed an interest in integrating L2 protocols for Twitter’s and BlueSky’s newly established tipping services:
According to the most recent data from Business of Apps, Cash App has over 36 million users in the United States and the United Kingdom. Favouring ongoing Bitcoin adoption, Cash App has launched a service that allowed users to gift BTC and stocks over the holiday season.
Users could send a minimum of $1 worth of BTC using Cash App without having to hold the assets first.