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Cash App integrates Bitcoin Lightning Network for faster BTC transfers

Popular mobile payment service Cash App has integrated the Bitcoin (BTC) Lightning Network as a part of an update, allowing faster and cheaper BTC transfers using the Layer 2 (L2) payment protocol. Cash App is developed and owned by Block (formerly Square), a fintech firm co-founded by former Twitter CEO Jack Dorsey. The announcement of the BTC L2 integration was shared as a notification on the official Cash App application, which made its way through to Crypto Twitter:The news are real! @CashApp added #Bitcoin Lightning ⚡️Network pic.twitter.com/zbbdqcx0dC— Yegor Petrov ⚡️ (@yeg0rpetrov) January 11, 2022The Bitcoin Lightning Network protocol addresses the noted limitations of the BTC blockchain to improve speeds while reducing the costs associated with transactions. Just last month, Dorsey featured in a video with Lightning Development Kit (LDK), a service developed by Spiral, a Square subsidiary focused on building for the Bitcoin ecosystem. LDK allows developers to integrate Lightning protocols into Bitcoin wallets and related services.Prior to leaving Twitter, Dorsey also openly voiced his interest in integrating L2 protocols for the newly launched tipping services on Twitter and BlueSky:Only a matter of time— jack⚡️ (@jack) June 11, 2021

The latest data from Business of Apps shows that Cash App catered to over 36 million users across the United States and the United Kingdom. Related: Block’s Cash App will allow users to gift BTC for the holidaysFavoring ongoing Bitcoin adoption, Cash App launched a service that allowed users to gift BTC and stocks over the holiday season. Cash App allowed users to send a minimum of $1 worth of BTC without needing to own the assets beforehand.

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Jack Dorsey announces Bitcoin Legal Defense Fund

Former Twitter CEO and founder Jack Dorsey has announced plans to create a “Bitcoin Legal Defense Fund” with Chaincode Labs co-founder Alex Morcos and Martin White, who appears to be an academic at the University of Sussex.The announcement was sent on a mailing list for Bitcoin developers, bitcoin-dev, at 00:13:45 UTC on Jan. 12 from an email address appearing to belong to Dorsey. Cointelegraph reached out to the board members to confirm the email’s legitimacy but did not immediately receive a response.The announcement stated the fund will help provide a legal defense for Bitcoin developers, who are “currently the subject of multi-front litigation.” an email to the bitcoin dev mailing list from @jack explaining the Bitcoin Legal Defense Fund pic.twitter.com/y1XY3XG0IR— Zack Voell (@zackvoell) January 12, 2022“Litigation and continued threats are having their intended effect; individual defendants have chosen to capitulate in the absence of legal support,” the email stated, referencing open-source developers who are often independent and therefore susceptible to legal pressure. “We propose a coordinated and formalized response to help defend developers.”The announcement went on to describe the Bitcoin Legal Defense Fund as a “nonprofit entity that aims to minimize legal headaches that discourage software developers from actively developing Bitcoin and related projects.” “The main purpose of this Fund is to defend developers from lawsuits regarding their activities in the Bitcoin ecosystem, including finding and retaining defense counsel, developing litigation strategy, and paying legal bills,” it stated.Initially, the fund will include volunteers and part-time lawyers for developers to “take advantage of if they so wish,” although, the email also states that “the board of the Fund will be responsible for determining which lawsuits and defendants it will help defend.”“At this time, the Fund is not seeking to raise additional money for its operations but will do so at the direction of the board if needed for further legal action or to pay for staff.”According to the email, the fund’s first project will be to take over the existing defense of Ramona Ang’s “Tulip Trading Lawsuit” against developers including Ira Kleiman for alleged misconduct over access to a BTC fortune. Related: Nano Foundation Sponsors Legal Fund To Provide BitGrail Hack Victims With RepresentationDorsey, who stepped down as Twitter CEO at the end of Nov 2021, is a long-time proponent of Bitcoin. It remains unclear whether Dorsey left the social media firm to focus on Square’s plans to develop a decentralized Bitcoin exchange. On Nov. 19, the decentralized exchange project called tbDEX released a white paper detailing its plans to create a message protocol designed to facilitate trust relationships without relying on a federation to control access.

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Block, formerly Square, will allow users to gift BTC for the holidays using Cash App

Digital payments company Block, formerly called Square, has announced that Cash App users will be able to gift friends and family both crypto and stock over the holiday season.According to a Tuesday tweet, Cash App said its users — roughly 40 million active monthly — could send as little as $1 in Bitcoin (BTC) or stock as a gift in the same way they had been sending cash. The payments firm joins others including PayPal and Coinbase in allowing users to send crypto as payments or gifts to third parties.With Cash App, you can now send as little as $1 in stock or bitcoin. It’s as easy as sending cash, and you don’t need to own stock or bitcoin to gift it. So this holiday season, forget the scented candles or novelty beach towel, and help your cousin start investing. pic.twitter.com/HS0CqusiLS— Cash App (@CashApp) December 14, 2021Cointelegraph reported on Dec. 7 that a study by lending firm BlockFi showed many Americans would be willing to accept cryptocurrencies including BTC, Ether (ETH), and Dogecoin (DOGE) as gifts this holiday season. However, the same survey revealed that the majority of respondents did not have the skills to transfer crypto. Many critics have attributed sending BTC to newbies as part of the reason so many coins have been lost since 2009.Related: Gifting crypto to loved ones this holiday? Educate them firstOther projects are accepting donations in crypto over the holidays to help those in need. Fintech provider Unbanked announced earlier this month it would be enabling crypto donations for Toys for Tots, a program run by the United States Marine Corps that collects toys to distribute to disadvantaged children. In addition, platforms like the Giving Block allow non-profit organizations and charities to accept donations in crypto.

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