Square CEO, Jack Dorsey: Lightning Payments are Coming to CashApp.
Jack Dorsey, CEO of Twitter & Square is not shy about his love of Bitcoin and the potential of cryptocurrencies, having also invested in the start up Lightning Labs ran by Elizabeth Stark. This week has reaffirmed his position in the future development of the space and he took hold of the Lightning torch, a project started by HodloNaut to show the effectiveness, scalability and potential of the Lightning Network, before passing it along to the afformentioned Elizabeth Stark.
“What I think was so powerful about the torch was that it showed how quickly Lightning enables you to send money, across the internet, anywhere around the world. We’re doing to money what the internet did to information.”
It has been just over a year since CashApp Originally launched the option to buy, sell and send bitcoin on the platform and now it appears the next step in helping drive adoption of scalability solutions is almost here. Dorsey and Stark, recently sat down to discuss more about the ‘Lightning Torch’ and CashApp with Stephan Livera on his podcast, stating:
“We don’t think it stops at buying and selling. We do want to help make happen the currency aspect.”
“It’s not an if, it’s more of a when and how do we make sure that we’re getting the speed that we need and the efficiency.”
The latest reporting figures (February 2018) regarding active users for the services is around 7M, a substantial size to pressure further market change in it’s competitors both large and small including Coinbase, which has an estimated user base at 13.3M (Nov 2017).
CashApp would be the first company of its size to implement Lightning payments in a meaningful and user friendly way, by enabling the network as default. It may also in the process take with it a larger market share of users looking to test out the layer 2 network. However it is not yet clear how far the technology will be implemented or if it will interact with the wider ecosystem of Lightning Apps (LAPPS) and services. It is also not yet known if other digital assets will eventually make there way onto the service with along with Lightning.