PayPal Turns 10 & Where Would We Be Without It
â€œOver the past decade, PayPal has allowed people to do something that few ever dreamed possible 10 years ago â€“ send and receive money all around the world through the click of a button,â€ stated Scott Thompson, President of PayPal. â€œWeâ€™re proud of the role weâ€™ve played in the growth of e-commerce, and weâ€™re energized about what the next 10 years will bring.â€
PayPal was founded on June 23, 1998 by Max Levchin, Peter Thiel, and Luke Nosek.Â PayPal was one of the first payment systems for e-commerce and online bidding systems.Â This is why eBay Inc. (NASDAQ:EBAY) bought them for $1.5 billion in October 2002.Â About 80% of the U.S. online shopping market stated that PayPal has made their lives easier too.
Currently there are over 60 million PayPal users exchanging 17 different currencies across 190 countries.Â During every second of the day, PayPal transmits $2,000.Â PayPal’s official 10th anniversary website is available at: https://www.paypal-10.com/.
PayPal received its first round of funding at $4.5 million by Nokia Ventures and Deutsche Bank in July 1999.Â PayPal, Inc. was also one of the first companies to go public after 9/11 under the NASDAQ with stock ticket symbol, PYPL.
Without PayPal we wouldn’t have LinkedIn, YouTube, Facebook, Slide, Yelp, Geni.com, Tesla Motors, HourTown, Room 9 Entertainment, SpaceX, or Anchor Intelligence.Â These are some of the entrepreneurship involved with former employees of PayPal.Â eBay also would not have become as big as it is today without PayPal’s help.
Many Internet businesses depend on PayPal to collect money for their products and it will most likely not change anytime soon.Â Cheers, PayPal.Â I cannot wait to see what’s in store over the next 10 years.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry