XAPO Founder Joins PayPal Board of Directors

Payment processor giant PayPal announced Wences Casares is joining its managing board. Casares is founder and CEO of bitcoin online-wallet XAPO.

A successful fintech entrepreneur and venture investor, Casares is also a prominent figure in bitcoin community. His company, XAPO, is known as one of the leaders within the industry.

“I join PayPal’s directors and the entire PayPal team in welcoming Wences to our Board. 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,” said Dan Schulman, President and CEO of PayPal.

Casares, 41, is also known as founder of several successful fintech companies in the US, South America, and Europe. In particular, he established Argentina’s first online brockerage platform Patagon, currently the region’s leading platform. He also founded Brazilian retail bank Banco Lemonб as well as mobile payment systems Bling Nation and Lemon Wallet.

The news on Casares’ joining PayPal managing board is interesting in terms of the provider’s further interaction with bitcoin. Currently, cryptocurrency options are quite limited with PayPal. Those few platforms providing the service usually charge substantial commissions from their customers.