PayPal Holdings has named the head of a cryptocurrency firm to its board.

Wences Casares, chief executive of Xapo, joined PayPal's board on Tuesday, according to a news release. Casares was appointed to the board's compensation committee.

Xapo sells a bitcoin debit card and access to a digital vault for storing bitcoins. The digital wallet provider is headquartered in Palo Alto, Calif.

Casares has also headed Lemon Inc., developer of the Lemon mobile wallet; LifeLock purchased Lemon in late 2013. Before that, Casares founded Bling Nation, a mobile payment company that enabled contactless payments using stickers adhered to consumers' phones. Bling Nation launched in 2008 and landed partnerships with PayPal and several banks before shutting down in 2011 after merchants resisted using its loyalty program.

Casares also was the founder of an Internet service provider in Argentina and Patagon, an online brokerage in South America, PayPal said.