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Ark Invest, a popular company, operating in the cryptocurrency sector, has announced dumping all its holdings in PayPal. The company is now showing a positive investment stand for CashApp, a subsidiary of Jack Dorsey’s Block.
Wood was speaking during the Bitcoin 2022 Conference in Miami that attracted some of the most popular players across the cryptocurrency market. The conference ended on Saturday.
“@ARKInvest has sold, completely got out of Paypal, whose Venmo is a big competitor to Cash App.
(Cash App has) much more conviction – especially when it comes to bitcoin.” pic.twitter.com/mUGkdWGMFX
— Miles Suter (@milessuter) April 10, 2022
Ark invest favours CashApp over PayPal
PayPal operates the Venmo payment application that is a competitor of Cash App. During an interview with CNBC, Wood noted that she was dropping her investments into PayPal and favouring CashApp because the latter had a better approach to integrating crypto wallets.
She noted that Venmo was not taking any original steps to promote crypto, and instead, it was following the footsteps of CashApp. “We tend to put our bets with who we believe will be the winners… As we consolidated our portfolios during a risk-off period, we chose Block over PayPal.
She further noted that CashApp had organic growth in the number of users compared to Venmo. She also said that retail investors were influencing the growth of the cryptocurrency market. according to her, institutional investors were yet to enter the crypto market in the manner they “ultimately will be.”
Venmo is currently one of the largest players in the payments sector. The platform has around 70 million users, and its profit levels stand at $850 million. On the other hand, Cash App has 44 million users, but its profit levels were significantly high in 2021 at $2.03 billion. This significant difference in the profits between the two companies could have also influenced Ark Invest to choose Cash App.
Ark Invest’s bullish stand on crypto
Ark Invest has taken a bullish stance on cryptocurrencies. The Bitcoin product lead at the company, Miles Suter, announced that users based in the US can now convert a part of their direct deposits into Bitcoin with Cash App.
Wood is also a major supporter of Bitcoin. Last year, she published a report on how BTC mining could incentivize the renewable energy sector. Wood has also predicted that Bitcoin would reach $1 million by 2030.
The post Ark Invest dumps PayPal holdings for Cash App appeared first on Invezz.
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