March 2, 2023 10:35 PM | 1 min read
Block Inc, (NYSE:SQ) the digital payment company owned by Jack Dorsey on Thursday said that it will be utilizing its own Bitcoin (CRYPTO: BTC) 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.
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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.
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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.
Read More: Bitcoin, Ethereum, Dogecoin Slide On Silvergate Panic: Analyst Says ‘Time For A Squeeze’ As Crypto Market Sees $240M Wipeout
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