• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Sunday, May 25, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Crypto

Ark Invest Sells Its PayPal Holdings in Order to Launch a Crypto-Friendly Cash App

by Baisakhi Mishra
April 12, 2022
in Crypto, News
Reading Time: 2 mins read
0
Ark Invest Sells Its PayPal Holdings in Order to Launch a Crypto-Friendly Cash App

Image Source: Twitter

TwitterWhatsappLinkedin

Ark Invest sold all of its PayPal stock and is betting heavily on Cash App’s long-term viability. At the recent Bitcoin 2022 Conference in Miami, Cathie Wood, the founder of Ark Invest, explained why the firm opted to liquidate its PayPal assets. Wood went on to remark that her company’s strong belief in Cash App stems from “organic user development,” as she sees it.

You might also like

Walmart Layoffs Spark H-1B Backlash: CTO Suresh Kumar Caught in the Crossfire

X Restores Service After Global Outage Linked to Oregon Data Center Fire

German Court Rules Cookie Banners Must Include a ‘Reject All’ Cookies Button

Ark Invest sold all of its PayPal stock and is betting heavily on Cash App’s long-term viability

Ark Invest Sells Its PayPal Holdings in Order to Launch a Crypto-Friendly Cash App
Image Source: Coincu News

Cathie Wood, the founder of crypto investment firm Ark Invest, has sold all of the company’s PayPal assets in favor of the Cash App payment system, which uses the Bitcoin (BTC) Lightning Network. During the Miami Bitcoin 2022 conference, which wrapped on Saturday, Wood discussed her company’s decision.

The Lightning Network (LN) is a Bitcoin layer-2 technology that enables transactions to be completed faster and for less money. Venmo is a payment software operated by PayPal, a financial technology company, that competes directly with Block’s (formerly Square) Cash App.

Wood told CNBC on Friday that she dropped PayPal in favor of Cash App because the latter’s approach to digital asset wallet integration is more comprehensive. Despite the fact that Venmo now accepts Bitcoin, she maintains it is still a “Cash App follower.”

“We like to bet on someone we think will win […] To combine our holdings within a risk-free time frame, we chose Block over PayPal.”

In contrast to Venmo’s “top-down strategy,” Wood explained that her company’s confidence in Cash App comes from “organically-driven user growth.”

Venmo has 70 million users and $850 million in earnings, according to app tracker Business of Apps, compared to 44 million and $2.03 billion in profit for Cash App in 2021. Another factor in Ark’s evaluation of the two companies could be the stark contrast in their ability to create net profits.

Miles Suter, the company’s Bitcoin product director, said on Thursday that American users will be able to automatically invest a portion of their direct transfers into Bitcoin as part of Ark Invest’s upbeat attitude toward Cash App. Wood expressed his conviction in Bitcoin in the interview, predicting that it may reach $1 million by 2030.

If you find this article informative then do not forget to share it with your friends and family! Let us know what do you think about the topic in the comment section below.

Also read: A lot complaints against Robinhood ( a trading platform) will blow your mind

Tags: #Miles SuterCathie WoodPaypalVenmo
Tweet54SendShare15
Previous Post

Taiwan’s Nanya Tech says $10bn chip plant delayed ‘several quarters’

Next Post

China’s ‘Twitter’ appears to be censoring content about food shortages in Shanghai as residents struggle amid a harsh COVID-19 lockdown

Baisakhi Mishra

Recommended For You

Walmart Layoffs Spark H-1B Backlash: CTO Suresh Kumar Caught in the Crossfire

by Anochie Esther
May 25, 2025
0
Walmart

Walmart is facing mounting backlash after announcing the layoff of approximately 1,500 employees in its technology, e-commerce fulfillment, and advertising divisions. The announcement has not only raised concerns...

Read more

X Restores Service After Global Outage Linked to Oregon Data Center Fire

by Anochie Esther
May 25, 2025
0
X

X, the social media platform formerly known as Twitter, is coming back online for most users after suffering what appears to be a significant international outage. The disruption...

Read more

German Court Rules Cookie Banners Must Include a ‘Reject All’ Cookies Button

by Anochie Esther
May 25, 2025
0
Cookies

In a landmark decision for digital rights and privacy, the Hanover Administrative Court has ruled that cookie banners on websites operating in Germany must provide users with a...

Read more
Next Post
China’s ‘Twitter’ appears to be censoring content about food shortages in Shanghai as residents struggle amid a harsh COVID-19 lockdown

China's 'Twitter' appears to be censoring content about food shortages in Shanghai as residents struggle amid a harsh COVID-19 lockdown

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?