ARK Invest disposed of its stake in PayPal. The company invested in Cash App

The decision was made because of Cash App’s more comprehensive approach to integrating digital assets

11.04.2022 - 10:40

642

1 min

What’s new? ARK Invest founder Cathie Wood stated that the company has disposed of all assets of Venmo (owned by PayPal) in favor of the Cash App payment application from Block. Wood said this in an interview with CNBC at the Bitcoin 2022 conference in Miami. She did not disclose the amount of investment in the Cash App.

Link to the CNBC interview

Cathie Wood’s explanation. Wood said the decision to drop PayPal was made because of Cash App’s more comprehensive approach to integrating digital assets. She stated that while Venmo’s service has started accepting bitcoins, it is “more of a follower of Cash App.” Cathie Wood explained that her company’s conviction in Cash App is due to the app’s growing user base. The founder of ARK Invest also believes that retail investors are leading the way in the field of cryptocurrencies.

What is known about Cash App? It is a payment application developed by Block, a US technology company, led by former Twitter CEO Jack Dorsey. The app was launched in October 2013. Cash App uses the Lightning Network for bitcoin transactions.

On 7 April 2022, Cash App introduced a new bitcoin payment feature. Cash App’s crypto product lead Miles Suter stated that customers of the service will be able to convert fiat money into cryptocurrency directly through the app for free.

Author: