PayPal is building an ad network based on your Venmo data
www.theverge.com
PayPal will collect customer data by default.

“If you’re someone who’s buying products on the web, we know who is buying the products where, and we can leverage the data,” Grether said in a statement to the WSJ. He also said that PayPal will receive shopping data from customers using its credit card in stores.

A PayPal spokesperson tells the WSJ that the company will collect data from customers by default while also offering the ability to opt out.

PayPal is far from the only company to sell ads based on transaction information. In January, a study from Consumer Reports revealed that Facebook gets information about users from thousands of different companies, including retailers like Walmart and Amazon. JPMorgan Chase also announced that it’s creating an ad network based on customer spending data, while Visa is making similar moves. Of course, this doesn’t include the tracking shopping apps do to log your offline purchases, too.

  • chicken@lemmy.dbzer0.comEnglish
    2·
    7 months ago

    you can’t withdraw it from their ecosystem

    They changed that a while ago

    So, you’re saying that if I use Coinbase, I could withdraw the keys and have full custody over it after I buy it? Then where’s the custodial catch that I always hear about with Coinbase?

    Yes. Idk what specific criticisms you’re referring to but probably just related to how it is a centralized exchange, which does have some genuine drawbacks like reduced privacy, for instance they don’t sell Monero or other privacy coins. The reason I also mentioned Kraken is that it is the only fiat gateway exchange that does sell Monero, with other ones if you want to be private you would have to first buy some non-private crypto, then send to a crypto to crypto exchange to buy a privacy coin and go from there. Also there are a lot of people that just buy crypto on Coinbase and never withdraw it, so for them it’s custodial all the way.