Cash App users can now receive Bitcoin via the Lightning Network

Cash App users in the U.S. can now buy, send, and receive Bitcoin using the network’s secondary payments layer Lightning Network, directly within the app. 

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Fast facts

• Before the update on Tuesday, users were limited to sending Bitcoin, as Cash App didn’t support other transaction forms in Bitcoin.
• The service is not available to U.S. users in New York. 

• Cash App is a mobile payment app launched by Twitter cofounder Jack Dorsey’s fintech company, Block (formerly known as Square).

• The Lightning Network is a layer 2 solution built on top of the Bitcoin blockchain, which enables faster and cheaper transactions by offloading them from the main chain. 

• Bitcoin critics often argue that the network does not run on an ideal blockchain for payments due to its slow block verification and costly transaction fees.
• Bitcoin was trading at US$20,519 at 10:00 p.m. Wednesday in Hong Kong, up 5.6% over the past day, according to CoinGecko data.

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