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.
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:
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.
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.