Crypto-company Ark Invest refused to cooperate with PayPal: details

Crypto-company Ark Invest refused to cooperate with PayPal: details

The founder of crypto investment company Ark Invest Kathy Wood officially announced her intention to stop cooperating with the PayPal payment system, with which she has been working for the past few years. In the future, the entrepreneur intends to use Cash App, a Bitcoin-friendly payment service.

According to Wood, Cash App is able to double the income of her investment company due to the low cost of transactions. Moreover, this payment system, according to the crypto-businesswoman, has a very solid number of users, significantly exceeding the user base of PayPal.

In addition to all the accompanying advantages, Wood emphasized, the Cash App service functions on the basis of the Bitcoin Lightning Network protocol. It was this fact that prompted the investment company to change its strategically important partner.

Wood spoke in more detail about the rejection of PayPal’s services during the recent “Bitcoin 2022” crypto conference, which was held in Miami.

First of all, the woman emphasized the high speed of processing VTC transactions, which is provided by the Layer 2 Lightning Network protocol. Wood also emphasized that her company intends to cooperate with those who “will always be ahead of the curve.

As part of her speech, she also said she strongly doubted PayPal’s ability to outperform the Cash App system in popularity.

“I and my team tend to work with whoever we think will be the winner. Among other things, I find more pros and cons in the Cash App service than I do in PayPal. With Cash App, even the revenue and user growth seems more organic”, Wood emphasized to CNBC.

To wrap up, Cash App is really leading the way in terms of revenue and user activity. So, for the year 2021 this payment system has earned more than $ 2 billion, and PayPal, in turn, only $ 800 million.

Recall, our edition reported that the heroine of this material Kathy Wood previously publicly criticized bitcoin opponents.

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Written by Renat
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