At the Bitcoin 2022 conference in Miami on Thursday, Cash App announced a new feature for US customers that will allow them to automatically invest a portion of their payroll in Bitcoin (BTC). The mobile payment service operated by Jack Dorsey’s Block, formerly known as Square, will allow Cash App Visa Cash card users to opt-in to the “Paid in Bitcoin” feature at no cost.
Cash App Bitcoin product manager Miles Suter, who made the announcement Thursday, explained that any percentage from 1% to 100% of your direct deposits can be automatically converted to Bitcoin, and adjusted if necessary at any time. Additional features include the option to round up any Visa debit card transaction connected to a Cash App balance to the nearest dollar and divert leftover change to BTC.
Cash App recently announced the integration of the Bitcoin Lightning Network for BTC transfers. This allows US Cash App users to make faster BTC transactions at major businesses. Lightning Labs, the lead developer of the Lightning Network, this week closed a $70 million Series B funding round to promote faster and cheaper Bitcoin and stablecoin transactions.
Following this announcement on the main stage of the Bitcoin conference, tennis champion Serena Williams and NFL players Odell Beckham Jr. and Aaron Rodgers sat down with Suter to discuss Bitcoin. Both Rodgers and Beckham Jr. are among the growing list of athletes who have partnered with Cash App and opted to receive a portion of their salaries in Bitcoin last year.
Williams, who founded her own venture capital firm called Serena Ventures, announced on stage that she is working with Cash App to drive Bitcoin adoption. He revealed that he has been investing in Bitcoin for the past nine years and stated that “there is still a lot to do” in terms of education and understanding of Web 3.0 in order to “increase access and opportunity to invest.”
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