Lightning payments which are a scaling solution may soon be available on Square Inc.’s (NYSE:SQ) Cash App for mobile payments. Square CEO, Jack Dorsey has invested in Lightning Labs and in an interview with Stephan Livera he announced plans to integrate the scaling solution with Square Cash’s mobile app.
Lightning Torch growing in popularity
Dorsey told Livera that it is not a matter of ‘if’ but of when and how does the company makes sure that they offer the efficiency and speed that is required. It the currency aspect of bitcoin should not stop at buying and selling but should offer more. With over 7 million active users monthly Lightning has a significant base to make a mark in the market and take on competitors such as Coinbase who have over 13.3 million users.
The comments come days after the CEO advocated for bitcoin on twitter following invitation to take part in the Lighting Network’s Torch transaction relay. The Torch relay involves a participant adding some bitcoin to payment and then passing it on to a Twitter user they trust.
Elizabeth Stark, the CEO of Lightning Labs, indicated that the torch went viral after Twitter CEO took it and it has proved to be a powerful way of sending money through Lightning across the internet to anyplace in the world.
Lightning features coming to Cash App
Stark asserted the comments of Dorsey about the Lightning payments making it in the Cash App. Sergio Abril, a Lightning fan as already created the Lightning Tippin which is a micropayments browser extension. Since its launch at the end of last year, Tippin has already reached 3,111 users having facilitated bitcoin transactions worth over $7,466 bitcoin.
Cash App is the first company to implement Lightning payments in a user-friendly and meaningful manner through the enabling of the network as a default. It is on course to take a large market share of users who are looking to theist its two-layer network. It is however not clear on the extent of implementation of the technology and how it will interact with the Lightning Apps ecosystem.