The layer-two protocol addresses the historic limitations of Bitcoin to improve speeds while reducing transaction fees.
Cash App has integrated the Bitcoin Lightning Network as a part of an update, allowing faster and cheaper Bitcoin transfers using the layer-two payments protocol.
Cash App is developed and owned by Block 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.
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.
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.
