Weeks Before the eBay Split, PayPal Acquires Digital Payment Provider Xoom
Paypal announced on Wednesday that it was acquiring San Francisco-based Xoom, a company that facilitates the digital transfer of money internationally, Forbesreports. The all-cash deal values Xoom at $890 million, or $25 a share. "Expanding into international money transfer and remittances aligns with our strategic vision to democratize the movement and....
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Just weeks before the previously agreed upon split from eBay, PayPal has officially announced that the company agreed to acquire a San Francisco-based online money transfer technology and services company Xoom to the tune of US$890 million. The deal is set to be closed during the fourth quarter of 2015, months after the planned split with Ebay on July 17. “Today, this primarily cash-based system of sending money abroad can be time-consuming, insecure and expensive,” wrote PayPal CEO Dan Schulman in PayPal’s blog post. “There is no more personal payment experience than sending your....
A patent application by eBay, the parent of PayPal, may signal that the company is making plans for its own virtual currency. The patent, which was applied for in summer 2012, is for something called a "gift token". It appears that eBay may have designs on developing a new way to distribute monetary value within the digital realm. "A gift can be given from a user of a payment provider to a gift recipient," according to US patent application 20130339188, which was published on 19th December 2013. "The recipient can be a member of the user's family, a friend, or any other person or entity.....
On October 22, 2015 the United State Patent and Trademark Office published eBay patent applications for 20150302400, “Distributed Crypto Currency Reputation System” and 20150302401, “Distributed Crypto Currency Unauthorized Transfer Monitoring System”. The reputation application will be discussed in detail below and while controversial, we will offer just an extract of the blacklist application as it does not appear to be a particularly interesting except for who submitted the application. The applications were filed by eBay, which (at the time) owned PayPal prior to its split. Both....
Following a strategic review of the company's growth strategies and structure, the Board of Directors of eBay Inc. has approved a plan to separate the company's eBay and PayPal businesses into independent publicly traded companies in 2015. "eBay and PayPal are two great businesses with leading global positions in commerce and payments,"; said eBay Inc. President and CEO John Donahoe. "The industry landscape is changing, and each business faces different competitive opportunities and challenges. eBay and PayPal will be sharper and stronger, and more focused and competitive as leading,....
eBay CEO John Donahoe by now isn't a stranger to making comments about digital currencies. He's gone on the record before to speak about the possibilities of digital currency integration into PayPal, and he's done so yet again. PayPal, of course, is a subsidiary of eBay, and remains a top payment network on the internet. Appearing in a CNBC interview, Donahoe said: "I think there's no doubt digital currency is going to play an important role going forward, and at PayPal, we're going to have to integrate digital currencies into our wallet." Interesting remarks indeed, and the community....