Cash App launches service that allows you to invest part of your salary in BTC2 min read
Bitcoin 2022 conference, held in Miami, Florida, had a marked day of major launches this Thursday (7). One of them came from Block, the payments company of former Twitter CEO Jack Dorsey, which announced several features aimed at BTC.
Firstly, the company launched a service called “Paid in BTC” aimed at users of the Cash App app. According to the company, the function will allow those who receive salaries through the application to choose whether they want to receive part of the payment in BTC.
The choice will be made by the Cash App user himself through his account. In this way, he will be able to receive part or all of his salary in BTC. The chosen amount will be converted into cryptocurrency and deposited directly into the person’s wallet in the Cash App.
According to Miles Suter, Cash App’s Cryptocurrency Products Leader, the feature’s mission is to make investing in BTC easier in one place. Therefore, the customer will not need to open an account with an exchange and send money there.
Investing your change
Receiving salaries in BTC was the first of three new additions Suter announced for the Cash App. The second was a feature called “Round up” aimed at those who use the debit card. As the executive explained, the function will allow you to convert change from purchases into BTC.
For example, imagine that someone makes a $4.50 purchase at the grocery store through the Cash App. At the time of making the purchase, the person will have the option to round this amount to US$ 5.00. The extra $0.50 will be converted to BTC and added to the app’s wallet.
Support for the Lightning Network
Lastly, Suter announced a feature aimed at using the Lightning Network (LN). Block integrated LN with the Cash App in February, but the new feature is intended to facilitate payments through the second-tier network.
Part of these changes involves expanding the use of LN in the application. The integration announced in February only allows sending BTC over the network. Even with an LN address, the wallet does not allow the receipt of cryptocurrency.
Suter stated that this will change in “the near future”, although he did not announce a date. The executive also said that payments will be facilitated through new types of QR Codes.
“Soon, customers will also be able to receive BTC through the lightning network, simply by sharing their QR Code or payment request. This new feature furthers the cash app’s mission to make BTC usable as currency,” Block said in a statement.
However, the service will not be available to all Cash App users. Only US citizens will be able to make and receive payments via LN, the company said. Even in the country, payments will not be available to residents of New York state – presumably because of the onerous BitLicense in place there.
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