Jack Dorsey Backed Cash App Integrates Bitcoin Lightning Network

Q4 2021 Report Reveals Cash App Brought in $1.96 Billion in Bitcoin Revenue
  • Spiral introduced its Lightning Development Kit (LDK) earlier this year.
  • Users in the United States are enabled to use the Lightning Network.

Cash App, a mobile payments app built by Jack Dorsey’s Block (previously Square)—has enabled users in the United States to use the Lightning Network, a layer-2 solution that speeds up Bitcoin transactions.

Cash App Announced in a statement:

“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.” 

Twitter CEO Jack Dorsey has spent more time on the digital payments company he started, formerly known as Square, after his November 2021 exit. Square changed its name to Block after a month, raising concerns about its potential foray into cryptocurrency-related ventures. With the debut of Bitcoin buying and selling in 2018, Cash App has been more active in this new digital asset class.

Integration After Long Haul and Development

For years, Block CEO Jack Dorsey has been an advocate of introducing the feature. In 2019, he informed podcaster Stephan Livera that they would combine the scaling technology with Block’s mobile app payments provider.

Utilizing Lightning, Bitcoin’s second layer network, P2P payment channels may be utilized to settle transactions off-chain. This method reduces transaction costs while expediting the transaction process.

Spiral introduced its Lightning Development Kit (LDK) earlier this year; it prominently featured Dorsey in the video. LDK’s support for Lightning-based protocols simplifies the development of Bitcoin wallets and related services. Due to this technology, lightning payments may now be more easily incorporated into other wallets and applications.

A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.