PANews, June 18 – According to TechCrunch, PayPal Ventures, the corporate venture capital arm of PayPal, is gradually winding down. Established in 2016, the unit has invested in over 80 projects, including crypto trading platform Talos Global, fintech infrastructure company Plaid, and crypto bank Anchorage Digital, raising a total of $850 million across three funds. A company spokesperson stated that as part of an ongoing focus strategy, it is exploring strategic options for the corporate venture capital division. Currently, PayPal Ventures nominally still exists, with a small number of employees supporting the existing portfolio, but new investment activities have been suspended.

The move comes after PayPal CEO Alex Chriss departed in February and was succeeded by Enrique Lores. The board believed Chriss failed to keep pace with industry changes. Since taking office, Lores has carried out multiple restructurings, with further layoffs and cost-cutting expected in the coming years. PayPal is considering selling part of its venture capital portfolio through the secondary market and has engaged Jefferies to assist. During last month’s earnings call, Lores said the company needs to “get back to basics,” including “being a technology company again.” The closure of PayPal Ventures may cause PayPal to lose its front-line view of emerging fintech innovations.