CashApp, a popular cash transfer and processing app created by Block, Inc., has now added support for Lightning Network and has expanded their support for Bitcoin transactions, which was offered in a limited capacity starting back in 2018. The addition proved to be very popular in the U.S. and United Kingdom. In fact, 81% of the company’s $12.3b in revenue last year came from Bitcoin transactions. Users can deposit $10,000 worth of Bitcoin every seven days, but can only transact $999 worth within the same time frame on the Lightning Network.

This is pretty good news for CashApp. As much as I feel like intermediary services like CashApp shouldn’t have a place in crypto, there are plenty of non-crypto users that need services like these, so we have to co-exist for now. At least they have a comparatively low fee structure and now that the Lightning Network has been integrated to allow fast Bitcoin transactions, this can only be seen as a positive for the crypto community. Especially since this has proven to be a gateway for non-crypto consumers to start embracing Bitcoin. 

Written by: nikethereum.eth / Medium / Mirror