Cash App has added a new feature that lets customers invest their paychecks into Bitcoin.
Block’s payments app announced the update at Bitcoin 2022 in Miami earlier today. “Paid in Bitcoin” will let U.S. customers with an active Cash Card allocate either a portion or the whole of their paychecks to Bitcoin automatically in-app. Customers will be able to opt in to have their funds converted into Bitcoin from today.
In addition to the paycheck update, Cash App also revealed a new feature called “Round Ups” that will let customers round up their card payments to the nearest dollar and invest that sum in Bitcoin or other assets. Cash App has also announced that customers will be able to receive Bitcoin payments via Lightning Network, the Bitcoin Layer 2 solution it integrated with in January.
Block (formerly Square)
Block, Cash App’s parent company, has been making significant efforts to help Bitcoin adoption grow in recent years. It’s currently working on a Bitcoin-focused decentralized exchange similar to those on smart contract networks like Ethereum. The project is called TBD and its Twitter page promises “an open, decentralized financial system for all.” Block’s founder and CEO Jack Dorsey is known for his unwavering belief in blockchain technology, and specifically Bitcoin. While he hasn’t been shy about criticizing Ethereum and Web3, he’s said that he wants to help the top crypto asset become “the native currency of the Internet” on multiple occasions.