Translation: Prince Gong PayPal, the global leader in online payments, today announced that Wences Casares, CEO of Xapo, has been appointed to PayPal’s Board of Directors. Wences Casares, CEO of Xapo Casares is the former founder of digital wallet company Lemon, which was acquired by LifeLock in 2013. Casares launched Bitcoin security startup Xapo, which has raised $40 million in two recent rounds of funding. In its announcement, PayPal praised Casares for his past entrepreneurial efforts and called him a "thought leader in digital currency." Dan Schulman, President and CEO of PayPal While not specifically mentioning bitcoin in the announcement, PayPal president and CEO Dan Schulman said Casares will work as part of a team to help the company develop forward-thinking innovations. Schulman said
While Xapo remains the most high-profile company in the industry, it is embroiled in a lawsuit brought by online identity verification company LifeLock, which targets former employee Casares and four other members of its management team. LifeLock alleges that the defendants spent “several months” developing Xapo while employed by LifeLock and used LifeLock resources. Xapo countersued. As of January 4, 2016, Xapo successfully transferred the case from California to Argentina because his status as an "Argentine citizen" at work was approved by Supreme Court Peter Kirwan, which effectively terminated the case. Casares will subsequently join PayPal's Compensation Committee. |
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