Casa CEO Says Square Cash App Adding Lightning Network Support Would be Huge

The Lightning Network (LN) seems to be having a good moment in social networks. The founder of Twitter Jack Dorsey has been giving several positive comments related to the LN and Bitcoin (BTC).

During the last year, the development of this second layer scaling solution for Bitcoin has experienced impressive growth. Now there are more than 6,000 nodes that are running the network and it supports a capacity of 656 Bitcoin (~$2.4 million).

A few days ago, the Twitter user called Hodlonaut decided to start a project called the Lightning Torch in which users could send a Lightning transaction to another and increasing the funds transacted by $0.35. Indeed, Jack Dorsey participated in this chain related to the Lightning transaction.

Due to this situation, Twitter started to speculate regarding Twitter offering support to the Lightning Network into its business model. Indeed, Dorsey mentioned that he would love the idea of tipping satoshis with a simple button integrated into the platform.

The crypto wallet Tippin decided to announce that they will be working on a project to insert a button on Twitter to tip Satoshis to other users for the content they upload.

Jack Dorsey is also the founder of the payments and services provider Square. The company has also a subsidiary called Cash that has an application called Cash App. Indeed, both Square and the Cash App support Bitcoin.

During a conversation at the Stephan Livera podcast on February 11, Dorsey commented that they would like to make Bitcoin a fast and efficient asset to be transacted. At the same time, he said that it is not an “if,” but “when” they will be offering support to the Lightning Network on the Cash App.

According to Jeremy Welch, adding support to the LN by Square or Cash App would be something very important.

About it, Welch commented:

“It would be huge. Square is a very respected company. They’ve got great tech, great teams. They do have a strong Bitcoin team there. It would be a significant thing because they have a lot of reputation in Silicon Valley too. Silicon Valley hasn’t had the best view on Bitcoin overall. So, it would be significant on multiple levels, both in terms of adoption and their reputation and they have cachet with a lot of the bigger financial institutions.”

At the moment, there are several businesses working with the Lighting Network, even when it is on its early days. Although he does not see it happening any time soon, he believes that Dorsey will be doing a good job trying to bring the LN to Cash App or Square.

Welch did not comment whether they are talking with Dorsey in order to help his companies implement the technology.

During the podcast, Jack Dorsey said that they have been exploring with Lightning Labs different applications of the LN. In the future, the Lightning Network could help Bitcoin to scale and process hundreds of thousands of transactions per second (TPS). At the moment, Bitcoin is only able to just 7 TPS.

Bitcoin (BTC), Ethereum (ETH), XRP (Ripple), and BCH Price Analysis Watch (Feb 11th)

Publication date: 
02/12/2019 - 01:22