Cash App has added support for transactions via the Bitcoin Lightning Network. The new feature allows Cash App users to send and receive Bitcoin on the faster, more efficient layer-2 protocol.
Cash App had already supported Bitcoin transactions on the Lightning Network in a limited capacity, with users limited to paying for invoices via scanning Lightning QR codes. Now, all Cash App transactions involving QR codes will default through Lightning unless otherwise specified.
Cash App first implemented BTC trading in 2018 and soon became immensely popular in the U.S. and United Kingdom for Bitcoin transactions. Last year, 81% of the app’s $12.3 billion in revenue came from Bitcoin. The app has more than 44 million monthly active users.
Users can deposit $10,000 worth of Bitcoin every seven days and are provided a tax form for in-app accounting purposes. It is also possible to automatically invest a portion or all of one’s direct deposit into Bitcoin by using the Paid in Bitcoin feature with no fees.
