At the Bitcoin 2022 conference in Miami, Block, Inc., formerly Square, Inc., announced three new bitcoin services for the company’s mobile payment platform. The mobile payment platform Cash App will feature a “paid in bitcoin” service that allows users to auto-invest their work pay into bitcoin.
Cash App Adds 3 New Bitcoin Services
Jack Dorsey’s Block announced in Miami that the Cash App mobile payment system will offer three new features. The San Francisco company explained that the first feature will be a “paid in bitcoin” service that allows people to convert their pay into bitcoin (BTC).
Users of Cash App will have the ability to convert up to 1%, or 100%, from their payroll to the most popular crypto asset. The Block also oversees TIDAL and Spiral.
Next, the company announced a Bitcoin Round-up Service. This allows Cash App users convert spare change purchased into bitcoin (BTC). Essentially, the user’s Cash App card transactions will round up the purchases and automatically transfer the change to the user’s BTC wallet.
Block isn’t the first company to offer paid bitcoin services and BTC roundup services. These concepts are not new. To be paid in bitcoin, users can also leverage Coinbase, Bitwage, Bundil, or Roundlyx.
The third feature Cash App announced at the Miami bitcoin conference was “Lightning Network (LN) Receives” with a seamless Bitcoin UX. Bitcoin UX leverages unified QR codes, which use the Bitcoin Improvement Proposal 21.
A QR code is able to include both Lightning Network invoices as well as onchain information, making it more convenient for Cash App users. LN payments have been allowed by Cash App since January. Users can now use the unified QR Receive codes to make LN payments. Cash App’s move follows Bitpay, an Atlanta-based processor that announced LN support Wednesday.
Recent Breach Leaves 8 Million Cash App Customers Exposed
The Cash App news follows the firm’s issues with a former employee that caused a massive data breach. According to reports, 8 million Cash App users are affected by the fact that a former employee was charged with downloading customer information in December.
According to Block’s report, the file was obtained after the employee quit the company. While the downloaded data does not contain bank info, usernames, passwords, or social security numbers, the information did contain the users’ brokerage account numbers and full names.
Let us know your thoughts on the new three Bitcoin products Cash App has launched. Comment below and let us know how you feel about the subject.
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