Cathie Wood’s Ark Invest dumps PayPal favoring Bitcoin-friendly Cash App

Wood believes that Venmo is merely a follower of Cash App, which has generated more than double Venmo’s revenue from almost half the number of users.
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.Wood explained her firm’s move at the Miami Bitcoin 2022 conference which wrapped up on April 9. The Lightning Network (LN) 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 (formerly Square) Cash App. “@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—

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