Block’s (formerly Square’s) Cash App users now have the option to automatically convert a portion of their direct deposit to bitcoin. The Block announced this at the Bitcoin 2022 conference.
Three new features were introduced at the event:
- Get Payment in Bitcoin mentioned earlier – a configurable percentage of fiat currency from the automatic payment network (ACH) is automatically converted to bitcoin;
- Bitcoin Roundups – the balance of transactions is converted to BTC with a certain step;
- Lightning Network Receives – Allows you to receive transfers over the Bitcoin micropayment network.
The second feature is only available to US customers, excluding New York users. Block integrated the ability to send payments via LN in February 2022.
Lightning Network is now in Cash App. The fastest and free way to pay anyone with bitcoin.
Buy tacos wherever lightning is accepted, tip your favorite Twitter comedian, or send money to a friend abroad. pic.twitter.com/65TXSJ6yL6
— Cash App (@CashApp) February 7, 2022
Recall that Square changed its name to Block in December 2021. The initiative was linked to the desire to reflect the growth of the structure and its commitment to blockchain projects.
The company’s president, Jack Dorsey, has repeatedly expressed his desire to make digital gold “the local currency of the Internet.” It launched a legal defense fund for bitcoin developers in January 2022.
Source: Fork Log
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