At the Bitcoin 2022 conference in Miami, Block, Inc., formerly Square, Inc., announced three new bitcoin services for the company’s mobile payment platform. The Cash App mobile payment platform will feature a “bitcoin payment” service that allows users to automatically invest their work payment in bitcoin.
Cash App adds 3 new Bitcoin services
Jack Dorsey’s Block announced in Miami that the Cash App mobile payment system will offer three new features. The San Francisco company explained that the first feature will be a “bitcoin payment” service that allows people to convert their payment into bitcoin (BTC).
Cash App users will be able to convert 1% or even 100% of their payroll into the main crypto asset. The Block, who also runs Spiral, TIDAL and TBD, explained at the conference that the team has been working on the idea since 2019.
The next service the company unveiled was a bitcoin rounding service that basically allows Cash App users to round up change for bitcoin (BTC) purchases. Essentially, transactions from the user’s Cash App card will round up purchases and automatically transfer the change to the user’s BTC wallet.
Block is not the first company to introduce bitcoin payment services or BTC rounding services, as the concepts have been around for some time. For example, people can also leverage Coinbase or Bitwage to receive cryptocurrency payments, and Bundil and Roundlyx offer round-up BTC products.
The third Cash App feature announced at the Miami Bitcoin conference was “Lightning Network (LN) Reception” with a seamless Bitcoin user experience. Bitcoin UX will leverage unified QR codes using the Bitcoin BIP 21 improvement proposal.
The QR code can combine Lightning Network invoices and on-chain information to make the process easier for Cash App users. The Cash App has already enabled LN payments since its introduction in January, but now users can take advantage of receiving unified QR codes to accept LN payments directly. The Cash App move follows Atlanta-based payment processor Bitpay, which announced support for LN on Wednesday.
Recent breach leaves 8 million Cash app customers exposed
Cash App news follows the company’s troubles with a former employee causing a massive data breach. Reports show that 8 million Cash App users were affected as the former employee was accused of downloading information linked to customers in December.