Cash App, a mobile payment service run by Jack Dorsey's Block (formerly Square), now allows its users to automatically convert their paychecks into Bitcoin, Forbes reports.
The announcement was made earlier today at the Bitcoin 2022 conference taking place in Miami.
The company also announced another feature that makes it possible to invest spare change from transactions made with Cash Card, a customizable debit card offered by Block, into Bitcoin or stocks.
On top of that, the company said that it would soon let its users receive Bitcoin through the Lightning Network. The company expects to boost the adoption of the flagship cryptocurrency as a means of payment in such a way. However, it is worth noting that the new feature will not be available in New York, which is possibly linked to the state's strict regulatory regime.
Alex DovbnyaThe app allowed its users to buy Bitcoin in all 50 U.S. states back in August 2018 after initially adding support for cryptocurrency earlier that year.
Jack Dorsey has since emerged as one of the most prominent voices within the Bitcoin community. His fascination with the topic resulted in him ultimately stepping down as chief executive of Twitter in November and rebranding Square into Block the following month to highlight the company's pivot to crypto.
Block's recent Bitcoin announcement come after it confirmed that CashApp's investment product had suffered a massive security breach affecting as many as eight million users earlier this week.
Dan Burgin
Vladislav Sopov