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Finance

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,

By Tanzeel Akhtar
AccessTimeIconJan 18, 2022 at 4:31 p.m. UTC
Updated May 9, 2023 at 3:35 a.m. UTC
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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.
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    • Read more: 5 Ways Bitcoin’s Lightning Network Advanced in 2021

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Tanzeel Akhtar
    Tanzeel Akhtar

    Tanzeel Akhtar is a reporter based in London,UK.

    Follow @Tanzeel_Akhtar on Twitter