Key features include stablecoin transactions, artificial intelligence-powered navigation, and enhanced banking benefits with strengthened safety protocols.
Crypto News
Cash App rolled out major product updates on Thursday, enabling users to transact with Bitcoin and stablecoins across its payments platform. The announcement marks a significant expansion of cryptocurrency functionality for the Block Inc. application.
The payments giant introduced 11 product updates and over 150 improvements to its platform. Key features include stablecoin transactions, artificial intelligence-powered navigation, and enhanced banking benefits with strengthened safety protocols.
Block Inc., co-founded by longtime Bitcoin advocate Jack Dorsey, developed Cash App under his leadership. The timing aligns with record-high adoption of USD-pegged tokens across financial markets.
Owen Jennings, executive officer and business lead at Block, emphasized that traditional financial institutions haven't adapted to changing consumer behaviors. Cash App focuses on building a platform that reflects how customers actually participate in today's economy, he stated.
The LightningNetwork integration enables users to pay in Bitcoin without holding the crypto directly. Eligible customers can select U.S. dollars after scanning a Lightning QR Code, allowing fast and low-cost payments using their Cash USD balance through automatic conversion.
Square merchants gain flexibility to accept multiple payment configurations. Options include USD to USD, Bitcoin to Bitcoin, Bitcoin to USD, or USD to Bitcoin transactions, based on merchant preferences.
Last month, Square Bitcoin eliminated fees for merchants accepting Bitcoin until 2027. Mizuho analysts called this move a significant test of whether the crypto can evolve beyond a store of value into an everyday payment method. Block maintains holdings of 8,692 Bitcoin valued at approximately $858 million.
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