PayPal Holdings has appointed Wences Casares to its board of directors, effective of as of Jan. 12. He will serve on PayPal’s compensation committee.

Casares is the founder and CEO of Xapo, a company that provides the tools people need to purchase bitcoins and then manage them through an easy-to-use online wallet, spend them through the Xapo Debit Card or store them in Xapo’s secure Vault.

Adding Casares increases PayPal’s board to nine members.