X.com acquires Confinity

In March 2000 X.com acquired Confinity, which created the PayPal product.
X.com and Paypal had been competing against each other (by giving free money to get new useres) so their burn rates were huge.
X.com had more users, but Paypal had more eBay users. Also, X.com had a banking license (it had bought a bank at part of its founding).

http://www.quora.com/Why-did-PayPal-merge-with-X.com

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