Bitcoin’s Lightning Network Will Soon Come to Square’s Cash App
February 12, 2019 10:15 am
A bitcoin scaling solution known as the lightning network is expected to soon integrate with Square’s Cash App for mobile payments.
Jack Dorsey Claims Bitcoin’s Lightning Is Coming to Cash App
Twitter and Square CEO, Jack Dorsey, who is an investor in the Bitcoin-oriented startup Lightning Labs, recently announced in an interview with Stephan Livera, that there are plans to integrate the scaling technology with Square’s mobile app.
Dorsey said, “it’s not an ‘if,’ it’s more of a how do we make sure that we’re getting the speed that we need and the efficiency, he further said:
“We don’t think it stops at buying and selling (bitcoin). We want to help make happen the currency aspect.”
Taking a look back, in 2018 Cash App reportedly had $7 million active users every month. On February 5, Dorsey participated in a game called Lightning Torch, where each participant contributes a little bitcoin to a payment, then passes it to someone trustworthy on Twitter. The Twitter conversation motivated Livera to invite Dorsey to his podcast. Now over 170 people have participated in passing on the digital torch.
Meanwhile, Lightning Labs CEO, Elizabeth Stark said:
“What I think was so powerful about the torch was that it showed how quickly Lightning enables you to send money, across the internet, anywhere around the world. We’re doing to money what the internet did to information.”
Whereas, an independent lightning enthusiast named Sergio Abril has developed the micropayments browser extension Lightning Tippin. Stark briefly mentioned about the extension on the podcast. Since its launch in December, Abril revealed that Tippin has managed to garner 3,111 users with thousands of invoices, conducting bitcoin transactions worth around $7,466.
While discussing how Dorsey’s Cash App contributes to the emerging lightning economy, Abril added:
“They have the power to bring lightning to the masses and turn it mainstream, there is no doubt about it.”