Ark Invest Has Ditched PayPal In Favor Of The Bitcoin-Friendly Cash App.
Wood discussed Ark Invest’s decision during the Miami Bitcoin 2022 conference, which ended on April 9.
The Lightning Network (LN) is a Bitcoin layer-2 solution that allows for faster and cheaper transactions. PayPal, a financial technology business, operates Venmo, a payment app that competes directly with Block’s (previously Square) Cash App.
In an interview with CNBC on April 8, Wood said she chose Cash App over PayPal because of its more extensive approach to digital asset wallet integration. Despite the fact that Venmo has begun to accept Bitcoin (BTC), she claims it is “more of a Cash App follower.”
“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.”
Wood went on to say that her company’s interest in Cash App originates from what she sees as “organically-driven growth in users” as opposed to Venmo’s “top-down approach.”
Wood believes that retail investors have pushed the cryptocurrency market to this stage, as she stated:
“I don’t think most institutional investors are positioned the way they ultimately will be. Retail has really led the charge here.”
According to data from app tracker Business of Apps, Venmo has 70 million users and $850 million in profit, while Cash App has 44 million users and $2.03 billion in profit in 2021. Another driving element for Ark’s evaluation of the two businesses could be the significant gap in their capacity to generate net profits.
As part of Ark Invest’s optimistic attitude on Cash App, Miles Suter, the company’s Bitcoin product lead, stated on April 7 that American users will be able to invest a proportion of their direct transfers into Bitcoin automatically.
Wood is a firm believer in Bitcoin, predicting that it will reach $1 million by 2030 in the interview.
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