Get Paid in Bitcoin allows customers to auto-invest a percentage of their paycheck into Bitcoin. Through automated clearing house (ACH) rails, Fiat currency will be automatically converted into Bitcoin.
According to a report in Forbes, the firm announced as it unveiled a new suite of products affiliated with its debit card christened “Paid in Bitcoin” at Miami’s Bitcoin 2022 conference. U.S. customers of Cash App, a mobile payment service operated by Block (Formerly Square), will be able to invest their direct deposit paychecks into Bitcoin automatically. Cash App’s Bitcoin Product Lead Miles Suter stated:
“We’re starting to roll out ‘paid in Bitcoin […] As far as I know, this is the largest deployment of a feature like this to date… With two taps, you’ll be able to pick a percentage between one and 100, and boom, you’re done.”
Redefine the world’s relationship with money and Bitcoin
While making the announcement, Suter revealed that users could convert any percentage from 1% to 100% of their direct deposits to be automatically converted into Bitcoin and adjusted, if needed, at any time. He further said that the goal of Cash App was to redefine the world’s relationship with money and Bitcoin, aiming to get Bitcoin in the hands of as many people as possible. Suter said:
“We believe that Bitcoin is the world’s best digital, sound money period […] we believe that Bitcoin is for the people and that in America, Cash App is the financial app for the people.”
Cash App announced the integration of Lightning Network payments for users in February but will now let users receive Lightning Network transactions. Suter Added:
“To make Bitcoin even more universally accessible, we’re announcing Lightning receives […] in the coming months, you’ll be able to receive Bitcoin over the Lightning Network with no block confirmations needed […] this new feature furthers Cash App’s mission to make Bitcoin usable as a currency.”
Sports stars who have signed partnerships and endorsement deals with crypto firms
The new service’s additional features include the option to round up to the nearest dollar any Cash Card transaction made on a Visa debit card connected to a Cash App balance and divert the spare change into BTC.
Without providing any specific details, the firm used the conference to announce that tennis star Serena Williams would partner with the company. William’s decision to join Cash App comes on the heels of similar endorsements by many sports stars who have signed partnerships and endorsement deals with crypto firms. These include David Beckham with DigitalBits, Lionel Messi with Socios.com, Naomi Osaka, Tom Brady and Steph Curry with FTX, and LeBron James with Crypto.com.
Cash App integrated Lightning Network in January, which paved the way for consumers to use Bitcoin at point-of-sale easily. This enables U.S. Cash App users to make faster BTC transactions across mainstream businesses. Cash App also remains a famous avenue for buying Bitcoin after it became the first public company to allow for Bitcoin purchases in 2018.
Tom is a freelance writer with over 10-years’ experience in content creation, blog writing, and SEO specializing in the blockchain and cryptocurrency niche. As a philosophical figurehead, he believes that to make our world a better place, we must invest in incorruptible products and procedures, of which Bitcoin and other cryptocurrencies are leading examples.