Cash App Integrates Bitcoin Lightning Payments, LN Payments Company Gets UK Regulator’s Approval
Ex-CEO of Twitter Jack Dorsey’s mobile payment service Cash App has integrated Bitcoin (BTC) Lightning Network, a layer 2 scaling solution on top of the Bitcoin network designed to tackle the flagship cryptocurrency’s scalability issues.
Dorsey has been a supporter of adding Lightning compatibility for years now. Back in 2019, in an interview with podcaster Stephan Livera, he said that “it’s not an ‘if,’ it’s more of a ‘when'” they would integrate the scaling technology with payments firm Block‘s mobile app.
“We don’t think it stops at buying and selling [bitcoin]. We do want to help make happen the currency aspect,” he said at the time.
Cash App confirmed to Cryptonews.com that the company is rolling out Lightning Network integration for sending bitcoin in the coming weeks.
Steve Moser, editor in chief at TheTapeDrive and a contributing writer at MacRumors, reported in mid-November that Cash App “is working on Lightning network integration.” By December, Moser discovered evidence that Cash App was readying the launch of the new features.
The latest update to Block’s (Square’s) Cash app shows more evidence of Lightning Network integration and Bitcoin gifting. "Now you can use the fastest, free way to send bitcoin to anyone." "We’ve just added Lightning Network" $SQ #bitcoin #cashapp #LightningNetwork #crypto https://t.co/Kjk37Reidj pic.twitter.com/cqahLB6CrY— Steve Moser (@SteveMoser) December 6, 2021
Lightning transactions are fast and cheap, but developers face various problems when trying to implement the network. In fact, to tackle this issue, Spiral, previously named Square Crypto, launched the Lightning Development Kit (LDK), a tool that enables developers to easily integrate instant Bitcoin payments into their applications.
Meanwhile, Bottlepay, a Bitcoin-based global payments company and a subsidiary of bitcoin company NYDIG announced that it has been granted registration as a Cryptoasset Business from the United Kingdom’s Financial Conduct Authority (FCA). Per the announcement, it is the first Lightning Network payments company to have secured such approval, and one of a small number of cryptoasset firms to have done so.
“Our registration with the FCA is an achievement not just for Bottlepay, but for the Lightning Network,” said Bottlepay founder Pete Cheyne. “This registration
goes to show that we can build the financial infrastructure of the future while upholding the regulatory and compliance standards of today.”
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(Updated on January 13, 05:46 UTC with a comment from Cash App.)