CashApp Accepts Users to Invest their Earnings in Bitcoin
While it is a traditional fintech outfit operated by Jack Dorsey’s Block Inc, CashApp comes off as one of the first mainstream payment apps to support Bitcoin since 2018.
The ‘Paycheck-to-Bitcoin’ feature integration comes as the platform’s way of re-energizing its support for BTC across the board.
“We believe that bitcoin is the world’s best digital, sound money period,” said Miles Suter, Crypto Product Lead at CashApp. “We believe that Bitcoin is for the people and that in America, Cash App is the financial app for the people.”
While this new feature is billed to come in handy to every of the app’s users, Suter also confirmed that the platform has also launched an integration with the Lightning Network, a provision that will easily let its users receive Lightning Network transactions, a provision that compliments earlier allowance CashApp introduced back in January that lets its users receive payments via the Lightning Network.
“To make Bitcoin even more universally accessible, we’re announcing Lightning receives,” said Suter. “In the coming months, you’ll be able to receive bitcoin over the Lightning Network with no block confirmations needed.”
Cryptocurrencies, particularly Bitcoin, are going mainstream, and top payment firms are actively exploring avenues to offer their users more value in this regard. Beyond CashApp, PayPal is also broadening its support for Bitcoin and has provided a way for its users to buy a limited range of digital currencies, including Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) respectively.
While PayPal launched its crypto trading services relatively later than CashApp, it has since extended the service to the United Kingdom in an aggressive push under CEO Dan Schulman.
Beyond these top fintech outfits, other notable payment companies, including PayPal-owned Venmo, also extend their capabilities to bring Bitcoin payments to their users. With the traction recorded in the fintech space thus far, Bitcoin payment integration will be a trend that will span into the foreseeable future.
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Block's Cash App to Allow Free Bitcoin Transactions With Lightning Network