One of the leading crypto-focused investment companies Ark Investfounder of Catherine Wood, officially finished all of the company’s investments in PayPal.
Famous name and company, directly Bitcoin (BTC) He turned to Cash App, which uses the network and the Lightning Network.
Cash App Ahead Thanks to Bitcoin Payments
In his statement at the Miami Bitcoin 2022 conference, Wood also emphasized why they made such a choice.
Expressing that the use of Lightning Network means faster and cheaper transactions, Wood implied that Venmo, the payment application of the financial technology company Paypal, cannot compete with this.
Expressing that Cash App is more dedicated, especially when it comes to “Bitcoin” Catherine Wood, underlined that this was effective in choosing Cash App.
Stating that although Venmo took action for BTC, it relatively followed Cash App, Wood also stated that they had already made their choice.
“@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
Cash App is also managed by the Twitter group and it can be said that Jack Dorsey has a lot of influence on this. According to Wood, individuals are slowly turning to crypto-focused solutions, and Cash App reflects this very well.
of Venmo 70 million users while being $850 million earnings has been recorded.
On the other hand, Cash App is 44 million users with in 2021 $2.03 billion earned a profit. In fact, even these data can clearly show why Ark Invest chose Cash App.