Block’s Cash App Is Finally Integrating the Lightning Network
First promised back in 2019, Block’s move will allow users to quickly send bitcoin to each other for free,
Jan 18, 2022 at 4:31 p.m. UTC:format(webp)/downloads.coindesk.com/arc/failsafe/placeholders/16x9.png)
Tanzeel Akhtar is a reporter based in London,UK.
Block, formerly known as Square, is integrating the Lightning Network into its popular Cash App, a move first promised in 2019. The company said the feature should be available to all U.S. Cash App users, except those in New York State, in the coming weeks.
- The integration of the network will allow Cash app customers in the U.S. to send bitcoin for free within seconds to anybody in the world.
- The Lightning integration is made possible by the Lightning Development Kit created by Spiral, which is funded by Block.
- Cash App customers will also be able to send bitcoin to any compatible wallet that accepts Lightning Network payments, without being charged fees.
- Almost three years ago, Block CEO Jack Dorsey, who’s also an investor in Lightning Labs, said there were plans underway to integrate the scaling technology with Square’s Cash App.
- Since then, the Lightning Network has progressed significantly, with developers working to make the technology more usable for more people. The network received a boost from the November activation of Taproot, the biggest change to Bitcoin in four years, which allowed new privacy improvements to be made to Lightning.
- In November, Dorsey announced he would step down as the CEO of Twitter, but he remains the CEO of Block.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
:format(webp)/www.coindesk.com/resizer/HVesWmYnlcxL9xZ0eIdHN4fFpSg=/arc-photo-coindesk/arc2-prod/public/DGOZQITI7VFEPBVYVZBBVVV4I4.png)
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/YUV2U272MZCHZNC4GYECNTVJNM.jpg)
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/PKBBU2BWUVB7BJM4YF2OXAAO64.jpg)
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/FVNKBFOMKZFSTBFAWI3WFLVS7Y.jpg)
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/D5YPEXRFYZBDJI2UQ62V645GSE.jpg)