Ark Invest founder Cathie Wood decided that PayPal’s growth strategy for Venmo made it just a follower of Cash App, which her firm has doubled down on due to its Bitcoin integration.
Crypto investment company Ark Invest founder, Cathie Wood, has dumped all of the firm’s holdings of PayPal and showed greater confidence in the long-term growth of the Cash App payment system which uses the Bitcoin Lightning Network.
The Lightning Network is a layer-2 solution for Bitcoin meant to facilitate faster and cheaper transactions. Financial technology company PayPal operates the payment app Venmo as a direct competitor with Block’s Cash App. much more conviction - especially when it comes to bitcoin.”
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