Cash App, a popular mobile payment app developed by Jack Dorsey's Square, has announced that it now allows its users to instantly send Bitcoin for free.
With the average transaction fee reaching $21.39, Cash App is now shaping up to be an important Layer 2 scaling solution for Bitcoin. On top of sending coins for free, the app's users also don't have to deal with scary-looking addresses.
It's important to understand that these transactions take place within Cash App's centralized database instead of the actual blockchain.
Cash App has organized a $1 million Bitcoin giveaway to celebrate the news.
In 2020, Cash App sold over $4.5 billion worth of Bitcoin after adding the cryptocurrency back in 2018. In late February, Square added another $170 million in BTC to its balance sheet.