CashApp supports the Bitcoin Lightning Network, Mastercard will launch a crypto card with BitOasis, and Near Foundation will use $40 million for USN stablecoin.
CashApp supports the Bitcoin Lightning Network
Cash App has added support for transactions over the Bitcoin Lightning Network. The app’s users will be able to send and receive Bitcoin faster and more efficiently on the layer-2 protocol. Lightning is well suited for small transactions with near-instant transaction times compared to the minutes and hours required on the Bitcoin blockchain.
Cash App had previously supported Bitcoin transactions on the Lightning Network in a limited capacity, with users limited to paying bills by scanning Lightning QR codes. This new feature has a transaction limit of $999 every seven days and will be available only to United States customers, excluding residents of the state of New York.
Cash App first implemented BTC trading in 2018 and soon became extremely popular for Bitcoin transactions in the US and UK. The app has more than 44 million monthly active users, with 81 percent of its revenue of $12.3 billion last year coming from Bitcoin.
Mastercard to launch crypto card with BitOasis
BitOasis, one of the largest cryptocurrency trading platforms in the Middle East and North Africa (MENA) region, has signed a cooperation deal with the payment infrastructure company Mastercard. BitOasis will now be able to release a crypto card that would allow users to pay with digital assets at retail outlets and e-commerce platforms.
BitOasis’ crypto cards will become available in early 2023 after approval from regulatory agencies. BitOasis CEO Ola Doudin said they constantly receive customer requests for solutions that will further integrate crypto into daily life.
Near Foundation will use $40 million for USN stablecoin
Near Protocol’s stablecoin USN has recently become under-collateralized. The Near Foundation has proposed to abandon the USN to avoid a situation similar to Terra (LUNA) and TerraUSD (UST) collapse. The foundation has created a $40 million fund to protect investors and help them convert the USN into an equal amount of Wrapped Tether (USDT.e).
The Near Foundation will offer selected USN holders the opportunity to convert their tokens to USDT.e at a one-to-one rate. The program was launched after USN’s issuer, Decentral Bank (DCB), shared concerns that it would lose its dollar peg due to algorithmic failure.