PayPal Adds Bitcoin Startup CEO to Board of Directors

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

AccessTimeIconJan 13, 2016 at 4:48 p.m. UTC
Updated Sep 11, 2021 at 12:05 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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:

“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.

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 has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.