Jack Dorsey's Block Will Stimulate Lightning Network With Own Bitcoin Reserves

Block Inc, SQ the digital payment company owned by Jack Dorsey on Thursday said that it will be utilizing its own Bitcoin BTC/USD reserves to provide liquidity to the Lightning Network.

What Happened: TBD, the Bitcoin-focused division of Block, is launching a Lightning Service Provider (LSP) called ‘c=’ to help reduce failed Lightning Network transactions due to the lack of liquidity.

See More: Top Indian Apps That Give Bitcoin, NFT Rewards

For the uninitiated, the Lightning Network is a layer-2 protocol built on top of the Bitcoin blockchain, which allows users to send and receive payments faster and more cost-efficiently.

Block reported a total of $1.83 billion in Bitcoin revenue generated through its Cash App unit during the fourth quarter of 2022, a decrease of 7% year-over-year.

The decline comes “due to the dip in the price of Bitcoin,” Block said in its quarterly shareholder letter released last week.

Price Action: At the time of writing, BTC was trading at $22,345, down 5% in the last 24 hours, according to Benzinga Pro.

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