Xapo CEO Wences Casares has been appointed to PayPal’s board of directors, the pioneering online payments firm announced today.

The former founder of digital wallet firm Lemon Inc, acquired by LifeLock in 2013, Casares would go on to launch bitcoin security startup Xapo, which has raised more than $40m in two public funding rounds.

Guild of Guardians Built to 'Win' the Web2 Mobile Space: Game Director

13:18

Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO

05:10

Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny

04:07

The first video of the year 2024

40:07

The last regression video of the year 3.67.0

In the official release, PayPal lauded Casares for his past entrepreneurial efforts and position as a “cryptocurrency thought leader”.

While he did not cite bitcoin specifically, Dan Schulman, president and CEO of PayPal, aimed to position Casares as an addition to the team that would help the company with its forward-looking initiatives.

Shulman stated:

“Wences’s unique line of sight into the future of commerce is ideally aligned with PayPal’s vision of transforming the management and movement of money for people around the globe.”

Though Xapo remains one of the most high-profile firms in the industry, it did see its star dim somewhat in 2015 amid a lawsuit by online identity firm LifeLock, the previous employer of Casares and four other members of its executive team.

LifeLock has argued that the defendants “spent months” developing Xapo while employed by LifeLock and using LifeLock resources. Xapo would later file a cross-complaint.

STORY CONTINUES BELOW

Recommended for you:

As of 4th January, Xapo had successfully argued that the case should be moved from California to Argentina, as the work was done by “Argentine citizens”, a motion granted by Judge of the Superior Court Peter Kirwan that effectively halts case developments.

Following the news, Casares will join PayPal’s Compensation Committee.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.