Crypto.com Nets Ex-PayPal Exec to Increase Merchant Cryptocurrency Adoption

Hong Kong-based cryptocurrency payment platform Crypto.com has hired a former PayPal executive, the company confirmed in a press release Dec. 11.

Tyson Hackwood will join the crypto firm as its senior vice president and head of global merchant acquisition. Crypto.com, which came into being after cryptocurrency debit card provider Monaco acquired the domain name for a reported $10 million in July, seeks to increase consumer and merchant adoption for point-of-sale (PoS) transactions.

Hackwood was previously head of the Australian branch of PayPal Here, the company’s own PoS division, followed a role as head of Asia Pacific for mobile and web payment offshoot Braintree.

“As we develop the Crypto.com Chain to fulfil the current industry need to pay and be paid in crypto, Tyson will play an important role in expanding the number and quality of merchants that are part of our network,” the CEO of Crypto.com Kris Marszalek commented.

Hackwood said he would additionally focus on increasing merchant uptake of the Crypto.com product, at a time when multiple competitors are seeking to corner the PoS market.

Despite the downturn in cryptocurrency prices throughout 2018, the number is tipped to expand beyond crypto industry names such as BitPay and Coinbase.

When payment company Square unveiled its new payment terminal last month, rumors soon followed that Bitcoin (BTC) functionality could soon form an additional feature of the device. Square had previously launched a Bitcoin wallet service for its users.

In August, former PayPal president David Marcus quit his post at Coinbase amid concerns over a conflict of interest.