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Cash App Now Lets Users Invest Their Paychecks in Bitcoin

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Thu, 04/07/2022 - 14:52
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Alex Dovbnya
Block's Cash App has added three new Bitcoin features that could boost the adoption of the top cryptocurrency
Cash App Now Lets Users Invest Their Paychecks in Bitcoin
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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.

Bitcoin
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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.

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Cash App started gradually rolling out the Lightning Network feature back in January, allowing users to send the largest cryptocurrency for free to any compatible wallet.

The 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.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.