CashApp adds Bitcoin Lightning Network support

There is a limit of $999 every seven days for BTC transactions on the Lightning Network.

According to a new page added to its support section on October 25, Cash App - a mobile payment processing application created by Block Inc. - has added support for transactions via the Bitcoin Lightning Network. The new feature allows Cash App users to send and receive Bitcoin (BTC) over the faster and more efficient Layer 2 protocol. Lightning is ideal for small transactions, with near-instantaneous processing times, compared to the minutes to hours required on the Bitcoin blockchain.

Cash App had previously supported Bitcoin transactions on the Lightning Network in a limited capacity, with users limited to paying bills by scanning Lightning QR codes. Now, all Cash App transactions involving QR codes will default to Lightning unless otherwise specified. This new feature has a transaction limit of $999 every seven days and is only available to US customers, excluding residents of New York State.

Cash App first implemented BTC trading in 2018 and quickly became extremely popular in the US and UK for Bitcoin transactions. Last year, 81% of the app's $12.3 billion in revenue came from Bitcoin. The app has over 44 million monthly active users.

Users can deposit $10,000 worth of Bitcoin every seven days and receive a tax form for accounting purposes in the app. It is also possible to automatically invest part or all of your direct deposit in Bitcoin using the "Paid in Bitcoin" function at no cost. Otherwise, the usual transaction fee is usually around 2%.

As Cointelegraph previously reported, the Lightning Network currently has around 87,000 payment channels and 4,570 BTC locked. However, adoption has been somewhat slow, with the number of parts on Lightning representing a tiny...