The new year opened up with some great news that Block, formerly known as Square, is integrating the Lightning Network into its popular Cash App, a move first promised in 2019. Jack Dorsey’s Cash App, a mobile payments service, has just successfully integrated Lightning.
Cash App is a mobile payments service run by Square Inc., a financial payments company that Dorsey had co-founded back in 2009. The year 2021 was a year of expansion for Square: it acquired music streaming service, Tidal, and TBD a Bitcoin-based developer platform; and renamed Square Crypto to Spiral. Additionally, Square Inc. changed its name to Block Inc. to acknowledge its expanding business and to underline its engagement with the Bitcoin blockchain’s main strength: giving economic empowerment to a wide range of people.
Square Crypto released a Lightning Development Kit (LDK) to help Bitcoin developers integrate Lightning to their applications. Square Crypto made a decision to support Lightning capabilities across existing wallet software rather than create a new Lightning-specific wallet or node, thus making Lightning a more reliable experience for users. Last September, Square Crypto announced they would be offering grants to Lightning developers willing to join their team. All these factors underlined the company’s commitment to the Lightning Network.
Cash App enjoys 70 million “annual transacting active Cash App customers” according to its August 2021 press release, meaning 70 million potential new users transacting using the Lightning Network. Not only that but Cash App is about to adopt Lightning just as the layer 2 network is set to become recognised as one of the most powerful payment systems in the world.
LQwD Fintech greets this news with a great deal of excitement, LDK will bring more traffic to the Lightning network and potentially greater usage of LQwD’s Lightning nodes.