Jack Dorsey Confirms Lighting Network Will Soon Come to Square Cash App

Jack Dorsey, the CEO of Twitter, confirmed that the Bitcoin (BTC) Lightning Network (LN) will be implemented in the Cash App. This application has been developed by Square, the company Mr. Dorsey founded. The information was released by Dorsey during a conversation with Elizabeth Stark, the CEO of Lightning Labs, during the Stephan Livera podcast on Feb. 11.

Dorsey Confirms LN Will Be Implemented on Cash App

During the podcast, he talked about the Lightning Network. He has also surprised the audience when he said that it is not an “if” but it is “when” they will be implementing the LN on the Cash App.

He went on saying that they would love to make the popular digital asset fas and efficient to be transacted. That means that they need to look at their seller base and register.

This is not the first time that Dorsey supports Bitcoin and the Lightning Network. During the last days, he has been given his opinion about it and how it is possible to implement it on Twitter. For example, he accepted the invitation to receive the Lightning Torch and pass it to another Twitter user.

The Lightning Torch is a project that was created by a Twitter user with the intention to spread the knowledge regarding Lightning payments. Users send some Satoshis to other users and they increase the number of funds every single time they receive the torch.

About it, Dorsey commented during the podcast:

“The thing that I’m trying to figure out for myself in terms of running a business is how do we continue to expand that openness, how do we continue to be good citizens within this community… helping this community make it happen without inflicting… the baggage which comes with a corporation.”

The Lightning Network is the off-chain scaling solution proposed for Bitcoin. The intention is to create a large second layer solution for Bitcoin to avoid having scaling problems in the future. Back in 2017, when it reached $20,000, transactions were taking very long to be processed and users had to pay very high fees.

Just recently, the wallet Tippin announced that they will be allowing users to tip others using Satoshis through the Lightning Network. Although the app is not yet ready, the intention is to release it as soon as possible.

The CEO of Casa, Jeremy Welch, mentioned that if Square integrates the LN “it would be huge.” He went on saying that they have great teams and a strong Bitcoin team.

Source: Read Full Article