Cash App, the mobile payment service of the former CEO of Twitter, Jack Dorsey, has integrated Bitcoin (BTC) Lightning Network, a tier 2 scaling solution on top of the Bitcoin network, designed to address cryptocurrency scalability issues in its application.
Dorsey has been a proponent of adding Lightning compatibility for several years now. In 2019, in an interview with podcaster Stephan Livera, he said that “it’s not ‘if’, but rather ‘when'” they would integrate the scaling technology into the firm’s mobile app. of payments Block.
“We don’t think it should end with the buying and selling of [bitcoins]. We want to contribute to the monetary aspect, “he said at the time.
CryptoNews.com contacted Cash App for comment.
Steve moser, editor-in-chief of TheTapeDrive and contributor to MacRumors, reported in mid-November that Cash App was “working on the integration of the Lightning network.” In December, Moser discovered evidence relating to preparations for launching new features on Cash App.
Transactions on the Lightning are fast and cheap, but developers face various issues when deploying this network. To tackle this problem, Spiral, formerly named Square Crypto, launched the Lightning Development Kit (LDK), a tool that makes it easy for developers to include instant Bitcoin payments in their apps.
Furthermore, Bottlepay, a global Bitcoin payments company and a subsidiary of the Bitcoin company NYDIG, announced that it had obtained registration as “Cryptoasset Business” with the Financial Conduct Authority (FCA) of the United Kingdom. According to the statement, it is the first Lightning Network payments company to have obtained such authorization, and one of the few crypto-asset companies to have done so.
“Our registration with the FCA is a success not only for Bottlepay, but also for the Lightning Network,” said Pete Cheyne, founder of Bottlepay. “This record shows that we can build the financial infrastructure of the future while meeting today’s regulatory and compliance standards.”
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