Summary:
- Cash App has launched a new service that allows its users to convert their paychecks into Bitcoin
- The new feature named ‘Paid in Bitcoin’ allows users to select what percentage of their direct deposits to be converted to BTC
- U.S. customers will be the first to test out the new feature, and only available to those with activated Cash Cards
The payment service provider of Cash App, through its parent company of Block (formerly known as Square), has announced a new feature that allows its users to invest their direct-deposit paychecks into Bitcoin automatically.
Cash App’s Bitcoin Product Lead, Miles Suter, announced the new feature earlier today at the Bitcoin 2022 conference in Miami, Florida.
Known as ‘Paid in Bitcoin’ the new feature will first be immediately available to U.S. customers who will choose a percentage of their direct deposits (1% to 100%) to be converted into Bitcoin with the option of adjusting the amount at any time.
However, the new feature will only be available to users with activated Cash App Cash Cards. The latter is a free, customizable debit card connected to each user’s balance on the app.
Cash App Announces 2 Additional Features
In addition, users of Cash App will soon be able to round up their Cash Card transactions to the nearest dollar. The change will then be automatically invested into Bitcoin.
At the time of writing, users of the BTC Lightning Network on Cash App can only use it to send the digital asset. The team at Block also announced that Lightning users on the app would soon be able to receive Bitcoin through the network. They said:
Soon, customers will also be able to receive bitcoin via the Lightning Network by simply sharing your QR code or payment request. This new feature furthers Cash App’s mission to make bitcoin usable as a currency.
To note is that the Lightning Network on Cash App is only available to U.S. customers.
