Block adds trio of BTC features to Cash App

Payment provider Block, formerly known as Square, has announced three Bitcoin (BTC) related features on the mobile payments app, Cash App.

Users who receive pay checks through the app will now have the opportunity to receive a portion of it in BTC through its new ‘paid in Bitcoin’ feature, announced at the Miami BTC 2022 conference.

Previously Block announced it had “no plans to change BTC’s buying strategy”. However, the new trio of options alongside the ‘paid in Bitcoin’ feature has boosted its initiative to work within the crypto world.

The second feature includes a “round up” option for Cash App users who hold a debit card, meaning a user has the option to round up any purchase with the extra amount added to their BTC account.

For example, a purchase of a $40.80 shirt would see 20 cents of BTC automatically saved in an account. Roundups aren’t necessarily a new concept, since 2017 CoinDesk instigated a BTC round-up named Lawnmower.

It is also a popular option for those using apps outside of crypto for money management companies; the app named Plum gives a similar round-up option when making any transactions from your bank card, the difference is rounded up and saved.

The third feature is one affiliated with the Lightning Network, one that was integrated into CashApp last February.

The Layer-2 platform provides fast and cost-efficient payments in BTC. However, users can currently only send funds on the network rather than receive. This is something Block has said will need to be adapted and changed in the “near future”.

The company explained such plans in a statement: “Soon, customers will also be able to receive Bitcoin via the Lightning Network by simply sharing your QR code or payment request. This new feature furthers Cash App’s mission to make Bitcoin usable as a currency.”

Although Block hopes to initiate receiving Lightning payments, it has been clear that such payments will only be available to customers in the US, except for New York, based on the state’s current situation with crypto licensing.

Payment providers are fast becoming the future for easy access to managing crypto funds. Cash App does have its rivals, though, with Venmo and Zelle having more than 36 million active users.

However, according to February’s earnings, Block has become the most popular avenue fot purchasing the currency with $1.96bn in BTC revenue during 2021 Q4.

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Source

Updated: 04/11/2022 — 08:00