PayPal welcomes a bitcoin startup CEO to its board

Online payment giant PayPal announced today that Wences Casares, CEO of bitcoin startup XAPO, has been appointed to PayPal’s board of directors.

Wences Casares founded the digital wallet company Lemon, which was acquired by LifeLock in 2013. After that, Casares founded the Bitcoin security company XAPO. To date, XAPO has raised more than $40 million in two rounds of financing.

In its official announcement, PayPal praised Casares’ past efforts and called him a “cryptocurrency thought leader.”

Dan Schulman, president and CEO of PayPal, said that Casares’ addition would be helpful to the company and its forward-looking vision, although he did not mention Bitcoin specifically.

Shulman said:

“Wence’s unique vision for the future of commerce aligns perfectly with PayPal’s mission to transform how people around the world move and manage money.”

While Xapo remains one of the most high-profile companies in the bitcoin industry, its shine dimmed somewhat in mid-2015 when LifeLock filed a lawsuit against Casares’ former employees and four other members of his management team.

XAPO filed a counterclaim after LifeLock argued that the defendants spent several months developing XAPO while employed by LifeLock and used LifeLock resources.

As of January 4, XAPO successfully transferred the case from California to Argentina because the work was done by "Argentinian citizens."

Following the news, Casares will join PayPal's compensation committee.

Original text: http://www.coindesk.com/paypal-xapo-wences-board-directors/
By Pete Rizzo
Translation: Overnight porridge
Source (translation): Babbitt Information (http://www.8btc.com/paypal-xapo)