One of the most popular mobile payment apps in the world will soon start to integrate the Bitcoin Lightning Network.
In a new interview, the CEO of Square Jack Dorsey has said that he is starting to work with the team at Lightning Labs in order to bring the Lightning Network to Square’s Cash App. The network is a layer-2 solution which is designed to speed up Bitcoin transactions and address major criticisms that the number one crypto is far too slow for mainstream adoption.
Recently talking on the Stephan Livera’s Bitcoin podcast, the CEO said that making Bitcoin more transactional is a high priority and that it is only a matter of time before the firm implements the technology to speed it up to make it faster and easier to use the leading cryptocurrency for purchases. Dorsey says:
“We’ve been exploring with Elizabeth and the Lightning team… We would love to make it as fast and efficient and transactional as possible, and that includes looking at our seller base and our register. It’s not an ‘if’. It’s more of a ‘when’. And how do we make sure we’re getting the speed we need and the efficiency. A lot of what we’ve worked on the seller side is making transactions as fast as possible.”
In addition to this, Dorsey says that the app has already gone a long way toward exposing Bitcoin to users around the world and is giving them a way to spend Bitcoin using the firm’s Visa debit card.
“I think we have a pretty compelling experience that people who would not necessarily be able to get to Bitcoin in the past can now get to it with just one tap, and they can plug right into that 24-hour network and see it living and breathing. So we do intend to continue to expand it and do so in a way that feels simple, that feels approachable. ltimately, what Cash comes down to is accessibility. How do we increase the amount of people that can participate in the economy more broadly. And Cash has gone a really far way in that. We see people who have never had a bank account start with Cash and use it to store their money, get the Cash Card, personalize it and spend it wherever they are. And certainly people can buy Bitcoin and sell the Bitcoin, and that goes into their Cash account which they can then spend using their Visa card.”