Cash App Integrated BTC Lightning Network For Faster Transfers

Time Stamp: January 12, 2022 1:09 PM
Source Node: 1136055

Cash app integrated BTC lightning network for faster bitcoin transfers as the protocol addresses the historic limitations of the blockchain in order to improve speeds while reducing costs so let’s take a closer look at today’s Bitcoin latest news.

The popular mobile payments service Cash App integrated the BTC lightning network as a part of a new update that allows faster and cheaper BTC transfers using the Layer 2 payment protocol. Cash App is developed by Block, formerly known as Square, as a fintech company by former Twitter CEO Jack Dorsey. The announcement of the latest integration was shared as a notification on the Cash app which made its way to Twitter. The BTC Lightning Network protocol addresses all limitations of the BTC blockchain to improve the speeds while reducing costs associated with transactions.

Dorsey featured in a video with Lightning Development Kit which is a service developed by spiral or a Square subsidiary focused on building the BTC ecosystem. LDK allows developers to integrate Lightning protocols into BTC wallets and related services. Before leaving Twitter, Dorsey voiced his interest in integrating the L2 protocols for the newly launched tipping services. The latest data from Business of Apps shows that the app catered to more than 36 million users across the US and the UK.

Favoring the ongoing BTC adoption, Cash App launched a service that allows users to gift BTC and stocks over the holidays. Cash app also allowed users to send a minimum of $1 worth of BTC without needing to own the assets.

As recently reported, The digital payments company is formerly known as Square, now popular and known as Jack Dorsey’s Block, saw a drop in stocks as a part of the recent sell-off in growth names and risky assets because of the concerns of the FED rate hikes. Since changing the corporate name on December 1 last year to align with the focus on blockchain, the company was down by 26%. On the day Square announced its name change to Block, BTC was trading near $57,000 but a month later, the crypto started dropping and it is 19% below the level nearing $41,000 as of Wednesday. A month after changing its name Block’s stocks dropped from $194 per share to $144. The CEO Jack Dorsey, who is an avid proponent of crypto often tweets about BTC and he planned to change the name from Square to Block.

Source: https://www.dcforecasts.com/bitcoin-news/cash-app-integrated-btc-lightning-network-for-faster-transfers/

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