Former CEO of Twitter Jack Dorsey’s mobile payment service Cash application has integrated the Bitcoin (BTC) Lightning Network, a layer 2 scaling solution on top of the Bitcoin network designed to address the scalability issues of the flagship cryptocurrency.
Dorsey has been a proponent of adding Lightning support for years. In 2019, in an interview with podcaster Stephan Livera, he said that “it’s not a ‘if’, it’s more of a ‘when.’ They would integrate the escalation technology with the payments company. Blockmobile app.
“We don’t think it stops buying and selling [bitcoin]. We want to help make the coin look happen, “he said at the time.
CriptoNoticias.com has reached out to Cash App for comment.
Steve Moser, editor-in-chief of TheTapeDrive and contributing writer for MacRumors, reported in mid-November that Cash App “is working on integrating the Lightning network.” In December, Moser discovered evidence that the Cash App was preparing to launch the new features.
Lightning transactions are fast and inexpensive, but developers face several problems when trying to implement the network. In fact, to address this problem, Spiral, previously named Crypto square, launched the Lightning Development Kit (LDK), a tool that allows developers to easily integrate instant Bitcoin payments into their applications.
Meanwhile, Pay bottle, a Bitcoin-based global payments company and a subsidiary of bitcoin company NYDIG, announced that it has been granted registration as a UK Cryptoasset Business. Financial conduct authority (FCA). According to the announcement, it is the first Lightning Network payments company to gain such approval, and one of the few crypto-asset companies to do so.
“Our registration with the FCA is an achievement not only for Bottlepay, but also for the Lightning Network,” said Bottlepay founder Pete Cheyne. “This record
it shows that we can build the financial infrastructure of the future while maintaining today’s regulatory and compliance standards. ”
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