Block's Cash App Rolls Out Service to Automate Getting Paid in Bitcoin
Users will be able to invest a percentage of their paycheck in the cryptocurrency.
MIAMI – Cash App, the mobile payment service developed by Block (SQ) (formerly Square), the company led by Twitter (TWTR) co-founder Jack Dorsey, announced at the Bitcoin 2022 conference in Miami on Thursday that it's rolling out three new services, including the following:
- Get Paid in Bitcoin allows customers to auto-invest a percentage of their paycheck into bitcoin. Fiat currency coming in through automated clearing house (ACH) rails will be automatically converted into bitcoin.
- Bitcoin Roundups lets users round up payments to the nearest dollar to buy bitcoin with the difference.
- Lightning Network (LN) Receives enables users to receive bitcoin in Cash App through the Lightning Network. The ability to send bitcoin through that network was enabled in January.
Cash App is also providing support for URIs, or Unified QRs that are enabled by BIP 21. URIs allow users to make general address types so that they don’t have to think about the correct address type – either on-chain or with Lightning Network payments – to use to send and receive bitcoin.
Also, Cash App announced that tennis star Serena Williams will partner with the company, but declined to provide specific details. Williams follows a string of sport stars who have signed partnerships and endorsement deals with crypto firms. Those include Tom Brady and Steph Curry with FTX and LeBron James with Crypto.com.
Cash App integrated Lightning Network in January, which paved the way for consumers to easily use bitcoin at point-of-sale. Cash App also remains a popular avenue for buying bitcoin after it became the first public company to allow for bitcoin purchases in 2018.
Miles Suter, Cash App’s crypto product lead who gave the presentation at Bitcoin 2022, said that the goal of Cash App was to redefine the world’s relationship with money and bitcoin, aiming to get bitcoin in the hands of as many people as possible.
Earlier this week, Block notified 8.2 million current and former customers about a breach of U.S. customers' data.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.