Uber expands partnership with PayPal
Uber expands partnership with PayPal
Uber expands partnership with PayPal, Coinbase launches a Web3 wallet for institutional clients, and Toast introduces “Toast for Cafes and Bakeries”
Hi!
It’s an earnings off season, which companies typically use to announce new products and partnerships. Let’s review three recent announcements:
Uber expands partnership with PayPal,
Coinbase launches a Web3 wallet for institutional clients, and
Toast introduces “Toast for Cafes and Bakeries”
Thank you for reading and have a great day!
Jevgenijs
p.s. have feedback? DM me on Twitter
Uber Expands Partnership with PayPal
Uber (NYSE: UBER) and PayPal (NASDAQ: PYPL) have announced a multi-year extension of their partnership. Under the new agreement, Uber will continue using PayPal Braintree for global card processing, will expand the use of the Braintree platform for debit card routing in the U.S., and will “leverage PayPal value-added services including PayPal Payouts.” The companies are also planning to launch a combined incentives program to provide Uber customers with savings when they pay with the PayPal wallet or Venmo at checkout. Uber has been using Braintree since 2012 for processing payments in “nearly 200 countries and 50 currencies.”
In August, PayPal announced that Alex Chriss, who currently leads Intuit's Small Business and Self-Employed Group, will become the company’s new CEO. Chriss is set to take over from Dan Schulman, PayPal's longstanding CEO, starting on September 27. Schulman, who had previously announced his plan to step down by the end of the year, will continue serving on the board until May 2024. Chriss was selected after a search process that began in February and involved evaluating nine candidates. The selection process included discussions with over 20 investors, including the activist investors Elliott Investment Management.
✔️ Uber and PayPal Expand Relationship
Coinbase Launches Web3 Wallet for Institutional Clients
Coinbase (NASDAQ: COIN) has launched an institutional-grade Web3 Wallet, offering clients access to various crypto assets and decentralized finance services. The wallet is fully integrated into the Coinbase Prime service, which offers trading, financing, and custody services, and targets institutional clients. Using the wallet, the company’s institutional clients can store a wide range of tokens, interact with decentralized applications and smart contracts, access decentralized liquidity and engage in DeFi activities such as lending, participate in DAO governance, manage NFT collections, and handle Web3 social accounts. Coinbase continues to build its institutional offering, and a Web3 wallet is a natural step in this evolution.
This spring, Coinbase announced the launch of its Coinbase International Exchange, which will allow institutional users “in eligible jurisdictions outside of the US” to trade Bitcoin and Ethereum perpetual futures. A perpetual futures contract is a type of cryptocurrency derivative product that allows traders to speculate on the future price of a particular cryptocurrency asset. Unlike traditional futures contracts, perpetual futures do not have a predetermined expiry date and operate on a rolling basis, with each contract renewing automatically at regular intervals. This perpetual nature allows traders to hold positions for as long as they wish, without being required to roll over or close out their positions.
✔️ Coinbase Prime launches Web3 Wallet
Toast Rolls Out Toast for Cafes and Bakeries
Toast (NYSE: TOST), a technology platform for restaurants, has launched "Toast for Cafes & Bakeries", which includes features like Catering Online Ordering, Restaurant Retail, and more. Catering Online Ordering streamlines the catering process and helps businesses generate additional revenue, while Restaurant Retail provides a unified Point-of-Sale system for food service and retail items. Other features include Open View for simplified order input, Order-Ready Boards for improved order pickup, and Offers for customer rewards and promotions, as well as Fundraising to support non-profits.
Earlier this month, Toast announced that its CEO, Chris Comparato, will step down on January 1, 2024. Toast’s co-founder and Chief Operating Officer, Aman Narang will replace him. Comparato will stay on the company's Board but will pass the Chair role to Mark Hawkins, an independent director with past experience as President and CFO at Salesforce. Under Comparato's leadership, Toast increased its customer base to 93,000 restaurant locations, grew its headcount from 50 to 4500 employees, expanded to Canada, Ireland, and the UK, and successfully went public in 2021 despite the challenges posed by the COVID-19 pandemic.
✔️ Toast for Cafes & Bakeries: New Innovation to Add Revenue Streams
Discover (NYSE: DFS) has been consistently trading at half of American Express' (NYSE: AXP) Price / Book multiple for the past 15 years. Has anyone looked into why?
Vice President, Payments Platform
@ PayPal
🇺🇸 Remote, United StatesDirector, Product Management- AI
@ PayPal
🇺🇸 Austin, TX, United StatesSenior Representative & Country Head Bermuda
@ Coinbase
🇧🇲 Remote, BermudaMarket Expansion Lead, Americas
@ Coinbase
🇧🇷 Remote, BrazilPrincipal Product Manager, Ecosystem
@ Toast
🇮🇪 Dublin, Ireland
Cover image source: PayPal
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