• Cash App reportedly has over 44 million users globally, who will have access to the Bitcoin lightning network for easy and seamless transactions.
• Bitcoin price has gained over 7 percent in the past 24 hours and is possibly headed for $22k.

Cash App, a finance platform developed by Block Inc., has integrated with Bitcoin’s layer two scaling solution dubbed lightning network for its customers, except those in New York. The Jack Dorsey-backed application has enabled millions of people to transact Bitcoin with negligible fees.

The announcement was first relayed to the public by the company’s product lead, Michael Rihani. According to Rihani, Cash App users can receive or send Bitcoin instantly. 

“To receive bitcoin with the Lightning Network, the sender doesn’t need a Cash App account to pay your request, but they will need a bitcoin wallet with Lightning-enabled. This feature is not available to customers in New York,” the company noted in a post.

The company has added that the Bitcoin lightning network will be first made available to its United States customers before introducing it to other jurisdictions. Furthermore, transactions facilitated by the Lightning Network are not recorded on the Bitcoin blockchain. 

Some jurisdictions may object to the Lightning Network due to money laundering regulations. Nonetheless, there are set limits that Cash App users will have to adhere to enjoy the lightning network.

You can send or receive payment of up to $999 in bitcoin every seven days using the Lightning Network,

Cash App market outlook and Bitcoin price action

Cash App reportedly has over 40 million users globally, who eventually will have access to the Bitcoin lightning network for easier and seamless transactions. The Cash App ecosystem will be joining over 87,000 payment channels that ostensibly use Bitcoin’s Lightning Network globally. As such, the Bitcoin network is expected to benefit in the coming years significantly.

The persistent and urgent question is whether the Bitcoin price will explode in the coming weeks. Moreover, volume is expected to be handled through the Lightning Network, which has 4,570 Bitcoin locked in.

Bitcoin price has gained over 7 percent in the past 24 hours and is possibly headed for $22k. Of note, the total crypto market capitalization is trading in and around the $1 trillion mark.

Bitcoin price has consolidated in the current prices for the past five months, and market strategists are forecasting significant volatility once it breaks out.

The Cash App has recorded significant gains in the past few years it has been in existence. As of September 2021, the company reported 70 million annual transacting users and $1.8 billion in gross profit.

Notably, Dorsey shifted his focus from Twitter to Bitcoin after resigning as the social media’s CEO. The social media giant is now in the process of being acquired by Elon Musk in a deal worth $44 billion.