Cash App now lets users automatically convert paychecks to bitcoin, expands Lightning network support

Payments app Cash App, operated by Block, is enabling customers to receive their compensation in bitcoin.

The firm announced the new suite of products affiliated with its debit card, dubbed Paid in Bitcoin, at Miami's Bitcoin 2022 conference today.

Starting today, customers with Cash Cards can set the percentage of their direct deposits to be automatically invested into bitcoin.

In the coming weeks, Cash App will roll out additional features. Including in the upcoming batch are Round Ups, or the ability to automatically invest the change on debit transactions. That change can be invested in bitcoin, stocks or exchange-traded funds.

CashApp is also further building out its integration with Bitcoin's Lightning payments network. The firm integrated with Lightning Network in January of this year. Now, customers can make instantaneous bitcoin transfers by scanning their QR codes, cutting down the transaction time by minutes. 

"This new feature furthers Cash App’s mission to make bitcoin usable as a currency," the firm said Thursday.

Jack Dorsey, the founder of Block (formerly known as Square prior to a rebrand), spoke at last year's conference, saying he was committed to making bitcoin "the native currency for the internet." Block has pursued numerous bitcoin-related initiatives, including one focus on mining and another on decentralized exchanging. 

About Author

Aislinn Keely joined The Block in the summer of 2019. She is a member of the outlet's policy team, holding down the legal beat. Before The Block, she lent her voice to the NPR affiliate WFUV, where she reported and anchored newscasts in addition to some podcast work. Aislinn is a proud Fordham Ram and editor-in-chief emerita of its newspaper. When she isn't writing or reporting, Aislinn is running and rock climbing.