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Block Inc’s Cash App Brings Automated Feature to Invest Paychecks in Bitcoin

UTC by Bhushan Akolkar · 2 min read
Block Inc’s Cash App Brings Automated Feature to Invest Paychecks in Bitcoin
Photo: Bitcoin 2022 / Twitter

With the Cash App “Paid in Bitcoin” feature, users can make systematic Bitcoin investments by allocating a percentage of their salary deposits to BTC.

At the Bitcoin 2022 Conference in Maimi on Thursday, April 7, Block Inc‘s Cash App introduced a new feature for users to invest a portion of their paycheck automatically in Bitcoin. Block Inc said that the Cash App Visa Cash Card users will allow users to opt for the “Paid in Bitcoin” feature at no additional cost.

Cash App’s Bitcoin product lead Miles Suter made the announcement at the Bitcoin 2022 Conference. He added that users can choose between 1-100% to convert their direct deposits automatically into Bitcoin. Besides, they can also change this percentage portion anytime they want. Speaking of this development, Suter said:

“We believe that bitcoin is the world’s best digital, sound money period. We believe that Bitcoin is for the people and that in America, Cash App is the financial app for the people. We’re starting to roll out ‘paid in bitcoin,’” explained Suter. As far as I know this is the largest deployment of a feature like this to date… With two taps you’ll be able to pick a percentage between one and 100 and boom, you’re done.”

Cash App to Allow Lightning Network Receives

Earlier this year, Cash App announced the integration of the Layer-2 scalability solution Bitcoin Lightning Network. Now, it will allow users to receive Lightning Network transactions as well.

This will help users to make faster BTC transactions across mainstream businesses and merchants at a low cost. Suter explained:

“To make Bitcoin even more universally accessible, we’re announcing Lightning receives. In the coming months, you’ll be able to receive bitcoin over the Lightning Network with no block confirmations needed.”

The best thing is that the Cash App will have a single QR code for both – on-chain and Lightning Network transactions. Lightning Labs, the company behind Lightning Network is making some key developments recently. It secured $70 million in funding to facilitate stablecoin and digital asset transactions on the Bitcoin blockchain.

Bitcoin Roundups Feature

This was another interesting feature announced by Cash App on Thursday. Users can round up their Credit and Debit card payments to the nearest dollar and invest the spare change into Bitcoin. This is quite useful to users who are willing to make systematic and periodic BTC investments without worrying much about price volatility.

Lastly, Cash App also announced its partnership with Tennis star Serena Williams but didn’t reveal much detail regarding it.

Bitcoin News, Blockchain News, Cryptocurrency news, News
Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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