- Cash App has launched ‘Paid in Bitcoin’, where users can have their salaries automatically converted to bitcoin
- The company also announced other advancements, including further integration of the Lightning Network
- Serena Williams has also joined as a partner, but gave no further details
Cash App yesterday announced a new tool on its platform that allows users to have their salaries automatically converted to bitcoin alongside other additions and upgrades. Jack Dorsey, CEO of Cash App’s owner Block, announced the upgrades at the Bitcoin Miami conference yesterday, which also included expansion of its Lightning Network implementation and a ‘roundup’ feature that lets users round up payments to the nearest dollar to buy bitcoin with the difference.
Paid in Bitcoin Allows Automatic Salary Conversion
Cash App’s new service, called ‘Paid in Bitcoin’, allows users to have their paychecks sent directly to the platform where the value will be converted to Bitcoin. While this move is good for adoption, the notion of converting your salary to a notoriously volatile asset at a time when the cost of living is continually rising may not be the most sensible move most people could make, and is not something that will be universally endorsed.
What is more prudent however is the ability for Cash App users to now deposit bitcoin on the Lightning Network. When Lightning Network support was added in January, almost three years to the day after it added overall Bitcoin support, users could only send on the layer 2 solution. Now however they can both send and receive.
Cash App Encourages ‘Roundup’ Purchases
Cash App also announced the ‘Bitcoin Roundups’, a nice feature that allows users to round up any payments to a dollar and spend the balance on bitcoin. In this way, with lots of smaller purchases, users can build up a reasonable balance over time without noticing it.
In a final point of note, Cash App announced that tennis star Serena Williams will partner with the firm, but said that details of the partnership would be revealed at a later date.
