The post Jack Dorsey Expands Cash App: Send Dollars, Receive Bitcoin Through Lightning Network appeared first on Coinpedia Fintech News
Jack Dorsey is giving Bitcoin payments a new twist.
His fintech firm Cash App has launched a feature that lets users send U.S. dollars through the Bitcoin Lightning Network, allowing merchants to receive Bitcoin even if the sender doesn’t own any.
Here’s more!
Cash App’s New Feature Explained
Until now, Cash App users could only pay directly in Bitcoin. With this update, they can use their regular cash balance to send payments that are automatically converted into BTC for the receiver. The transfer happens over the Lightning Network which is Bitcoin’s faster and cheaper Layer 2 system.
The feature appeared after a soft launch on social media, but it’s a big step. It makes Bitcoin payments more accessible to regular users and gives merchants a simple way to receive BTC without forcing customers to handle crypto first.
This rollout comes as Bitcoin’s use as a payment coin has dropped in recent years, with more people turning to stablecoins.
Cash App Expands Beyond Bitcoin
The company has also confirmed plans to support stablecoins – its first expansion beyond Bitcoin since 2018. A spokesperson told The Defiant that the app will back multiple stablecoins and networks at launch, though details haven’t been shared yet.
“Cash App is, and always will be, bitcoin-first by design,” said Miles Suter, Bitcoin product lead at Block. “We see stablecoins as a complementary option for our customers and an improvement from legacy fintech payment rails.”
The move puts Cash App in closer competition with PayPal, which launched its own stablecoin in 2023.
Lightning Network Gets a Real Test
The Lightning Network, launched in 2018, has long been promoted by Bitcoin advocates as the future of fast crypto payments. It now carries more than $500 million in liquidity, supported by node operators who keep the network running.
By integrating Lightning into one of the world’s most popular payment apps, Cash App is giving the technology a major real-world use case.
Cash App’s AI Assistant and Other Updates
Alongside its crypto upgrades, Cash App introduced Moneybot, an AI assistant that helps users manage spending, savings, and payments. “We’ve built Moneybot to learn each customer’s habits and tailor its suggestions in real time,” said Cameron Worboys, head of product design at Cash App.
The app also launched a new Cash App Green program with better benefits for active users, and expanded its Borrow feature to 48 states.
Never Miss a Beat in the Crypto World!
Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.
FAQs
Cash App now lets users send U.S. dollars through the Bitcoin Lightning Network, converting payments into BTC instantly for the receiver.
Users pay in dollars, and the Lightning Network converts it to Bitcoin in real time, enabling fast, low-cost BTC payments without owning crypto.
It makes Bitcoin payments simpler and faster, allowing anyone to use BTC for transactions without needing to buy or hold Bitcoin directly.
Cash App launched Moneybot, an AI assistant for smarter money management, and expanded its Borrow and Cash App Green programs.
