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Jack Dorsey’s Block to Tap Bitcoin Reserves for Lightning Network

Jack Dorsey’s digital payment company Block Inc. said it will be using its own Bitcoin reserves to provide liquidity to Bitcoin’s Lightning Network, a protocol meant to make transactions on the blockchain more efficient. 

TBD, the Bitcoin-focused unit of Block, plans to launch a so-called Lightning Service Provider named c=, hoping to reduce failed transactions on the Lightning Network stemming from a lack of liquidity. 

The Lightning Network, built on top of the Bitcoin blockchain, enables users to send and receive payments faster and for less money than processing a transaction directly on Bitcoin’s blockchain. 

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