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Hi Ryan, excellent text!

I was just wondering if you have any thoughts about PayPal. In its 2021 Investor Day, the company laid its SuperApp strategy in three verticals: payments, financial services & commerce.

Do you think the company could leverage its massive scale (over 30 MM merchants and +350 MM consumers) to get traction in the super app?

Moreover, in your essay, you mentioned that being friends with the regulators is important and PayPal says that regulation/compliance is one of their strengths. What do you think?

Addionallity, do you have any view if it's PayPal or Square that has the better market positioning to achieve this "super app" ambition? I read your text about CashApp as a SuperApp and really enjoyed it as well.

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