The Cash App, a mobile payment service powered by Jack Dorsey’s Block (previously Square), now allows users to change their salaries into Bitcoin immediately.
The news was made earlier today in Miami at the Bitcoin 2022 conference. Another innovation introduced by Block is the ability to invest extra change from transactions made with Cash Card, the company’s customisable debit card, into Bitcoin or equities.
Furthermore, the business stated that its users would soon be able to receive Bitcoin via the Lightning Network. In this way, the business hopes to increase the acceptance of its main cryptocurrency as a payment method. It’s worth noting, though, that the new feature will not be available in New York, which could be due to the state’s stringent regulatory environment.
Back in January, Cash App began progressively rolling out the Lightning Network functionality, which allows users to send the largest cryptocurrency for free to any wallet that supports it. After adding support for cryptocurrencies earlier that year, the app allowed users to buy Bitcoin in all 50 US states in August 2018. Since then, Jack Dorsey has become one of the most influential voices in the Bitcoin community. Because of his interest in the subject, he stepped down as CEO of Twitter in November and rebranded Square as Block the following month to emphasise the company’s shift to cryptocurrency.
Block’s Bitcoin statement comes after the company disclosed earlier this week that CashApp’s investment platform had suffered a huge security breach that affected as many as eight million users.
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