Block's Cash App Rolls Out Service to Automate Getting Paid in Bitcoin

Users will be able to invest a percentage of their paycheck in the cryptocurrency.

AccessTimeIconApr 7, 2022 at 2:15 p.m. UTC
Updated May 11, 2023 at 4:10 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

MIAMI – Cash App, the mobile payment service developed by Block (SQ) (formerly Square), the company led by Twitter (TWTR) co-founder Jack Dorsey, announced at the Bitcoin 2022 conference in Miami on Thursday that it's rolling out three new services, including the following:

  • Get Paid in Bitcoin allows customers to auto-invest a percentage of their paycheck into bitcoin. Fiat currency coming in through automated clearing house (ACH) rails will be automatically converted into bitcoin.
  • Bitcoin Roundups lets users round up payments to the nearest dollar to buy bitcoin with the difference.
  • Lightning Network (LN) Receives enables users to receive bitcoin in Cash App through the Lightning Network. The ability to send bitcoin through that network was enabled in January.
  • Bitcoin Ecosystem Developments in 2023 as BTC Hits Fresh 2023 High
    08:42
    Bitcoin Ecosystem Developments in 2023 as BTC Hits Fresh 2023 High
  • Bitcoin Extends Rally as $1B in BTC Withdrawals Suggests Bullish Mood
    01:10
    Bitcoin Extends Rally as $1B in BTC Withdrawals Suggests Bullish Mood
  • Why Financial Advisors Are So Excited About a Spot Bitcoin ETF
    1:02:43
    Why Financial Advisors Are So Excited About a Spot Bitcoin ETF
  • When Could Traders See the Arrival of a Spot Bitcoin ETF?
    02:21
    When Could Traders See the Arrival of a Spot Bitcoin ETF?
  • Cash App is also providing support for URIs, or Unified QRs that are enabled by BIP 21. URIs allow users to make general address types so that they don’t have to think about the correct address type – either on-chain or with Lightning Network payments – to use to send and receive bitcoin.

    Also, Cash App announced that tennis star Serena Williams will partner with the company, but declined to provide specific details. Williams follows a string of sport stars who have signed partnerships and endorsement deals with crypto firms. Those include Tom Brady and Steph Curry with FTX and LeBron James with Crypto.com.

    Cash App integrated Lightning Network in January, which paved the way for consumers to easily use bitcoin at point-of-sale. Cash App also remains a popular avenue for buying bitcoin after it became the first public company to allow for bitcoin purchases in 2018.

    Miles Suter, Cash App’s crypto product lead who gave the presentation at Bitcoin 2022, said that the goal of Cash App was to redefine the world’s relationship with money and bitcoin, aiming to get bitcoin in the hands of as many people as possible.

    Earlier this week, Block notified 8.2 million current and former customers about a breach of U.S. customers' data.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    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.

    George Kaloudis

    George Kaloudis was a research analyst and columnist for CoinDesk.


    Learn more about Consensus 2024, 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.


    Read more about