US-based FinTech Block Inc. – formerly known as Square Inc. (NYSE:SQ) – has announced that its Cash App mobile payment solution now makes it cheaper and faster to send Bitcoin to anyone in the world.
On December 1, 2021, Square Inc. issued a press release to announce that while its existing brands will remain as they are, the name of the corporate entity that owns them is changed to Block Inc. to reflect that the company does not isn’t pretty much the Square brand (which was all there was when the company was co-founded in February 2009 by Kack Dorsey and Jim McKelvey) and to “create room for future growth” of the business.
Block co-founder and CEO Jack Dorsey had this to say at the time:
“We built the Square brand for our seller business, where it belongs. Block is a new name, but our goal of economic empowerment remains the same. No matter how we grow or change, we will continue to create tools to help increase access to the economy.“
The press release went on to say that “following the name change, Square Crypto, a separate company initiative dedicated to advancing Bitcoin, will change its name to Spiral.”
He also mentioned that “the name has many associated meanings for the company – building blocks, neighborhood blocks and their local businesses, communities coming together at block parties full of music, a blockchain, a chapter of code and obstacles to overcome”.
The Cash app allows investing in Bitcoin and stocks, as well as sending and receiving fiat currency or Bitcoin.
In the Twitter thread announcing Cash App’s integration with Bitcoin’s Lightning Network (a layer two solution that enables virtually free “lightning fast” transactions that can be as small as a satoshi), the Cash app answered questions from Twitter users about what this new feature means. Here are some of the most interesting answers:
- “The Lightning Network is a new way to send bitcoins faster and for free. While other ways to send bitcoins can take up to 10 minutes and charge a fee, Lightning lets you send btc to any compatible wallet in the world in less time than it takes to tie your shoes – and for free.
- “With Cash App, you can send bitcoins to a lightning or on-chain address. We’ve made it simple for you so you can send bitcoins on either network.
- “Hey there, the Lightning Network can be used to generate a Lightning Bill, allowing another person to quickly send bitcoin with little or no cost. The Cash app can be used to pay Lightning Bills.
It should be noted that the Block’s Cash app is currently only available in the US and UK (where it only supports sending and receiving GBP); however, “Cash App’s international expansion” is on their radar. Also, in the US, it’s worth noting that Cash App “can be used to pay Lightning Bills, but not to generate them.”
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto-assets involves the risk of financial loss.