In Brief:
- Cash App integrates Bitcoin Lightning Network for faster bitcoin transactions.
- The Lightning Network integration was revealed via a notification on the official Cash App.
- Cash app users in the U.S. will now be able to send BTC for free to anyone in the world.
Block’s mobile payments app, Cash App integrates Lightning Network for faster and cheaper bitcoin transactions.
With the Lightning network’s integration, Cash app users in the United States will be able to send bitcoin for free to anyone with a compatible wallet in the world instantly.
Users also will be able to send bitcoin without any fees to any merchant that accepts Lightning Network payments.
The announcement of the Lightning Network adoption was made through a notification on the company’s official App.
Lightning Network is a second layer protocol built on top of the bitcoin blockchain.
Transactions on the Bitcoin network can take some time to process and incur higher fees when compared to Lightning Network.
Lightning Network’s transactions are performed independently of the blockchain, which significantly reduces the fees, time, and energy consumption that would otherwise be required.
Spiral, Block’s bitcoin-focused company, unveiled its Lightning Development Kit (LDK) in December, which enables the seamless integration of bitcoin payments into any app. LDK facilitates fast bitcoin payments in games, apps, and other Bitcoin applications once it is installed.
In December only blockchain platform Chainalysis introduced support for the Lightning network. Firms that handle Bitcoin payments through Lightning nodes will be able to use Chainalysis Know Your Transaction compliance software starting from February as a result of the integration.
