Former PayPal Executive Hired To Drive Growth of Crypto.com Pay

Kevin O'Brien

Crypto.com, a leading payments and cryptocurrency platform, announced former PayPal executive Tyson Hackwood has joined the team as SVP, Head of Global Merchant Acquisition.

Hackwood joins Crypto.com to drive growth and adoption of Crypto.com Pay, a crypto payment solution powered by Crypto.com’s chain.

Crypto.com says the platform will give people the ability to use cryptocurrency to pay for goods and services and receive lucrative cashback rewards.

Merchants using Crypto.com Pay will enjoy “greatly reduced processing fees” for online or offline cryptocurrency settlement.

Bringing Experience From A Variety Of Industries

According to a press release, Hackwood comes to the Crypto.com team after spending more than 17 years working in digital commerce, mobile payments, and partnership-driven businesses.

He served as the Asia Pacific Director for an e-commerce division of PayPal called Braintree.

Crypto.com CEO Kris Marszalek says Hackwood’s:

“relationships and experience in online digital payments will significantly advance our goal of enabling seamless, secure, and cost efficient transactions between merchants and cryptocurrency users worldwide."

Hackwood indicated he was excited to work towards growing Crypto.com Pay and says his past experience “will aid in the steady and sustainable adoption of this native blockchain technology and cryptocurrencies."

In November, CryptoGlobe reported that the Metropolitan Commercial Bank and Crypto.com were planning to launch the MCO Visa Card inside the United States.

Crypto.com’s MCO VISA cards are prepaid with a number of features, including no annual or monthly fees, no foreign transaction fees, and tap and pay functionality.

Top Executives Moving To Crypto Companies

A number of top executives have made their way from the traditional financial world into the crypto space.

In early October, Charles Schwab’s Chris Dodds joined the board of directors at Coinbase. Dodds, who serves on the board at Charles Schwab, has decades of experience inside of the financial world.

A bit later in the month, the Gemini cryptocurrency exchange announced the hiring of Jeanine Hightower-Selitto as its new managing director of operations.

Formerly the Chief Operating Officer at International Securities Exchange, many speculated Hightower-Selittto would help Gemini grow after the launch of its USD-pegged stablecoin.

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Coinbase Quietly Pulls the Plug on Its Cryptocurrency Bundle Product

Francisco Memoria

The San Francisco-based cryptocurrency exchange Coinbase has quietly pulled the plug on its Bundle product, which allowed users to buy a basket of cryptocurrencies with fiat.

According to an update on its FAQ page, the cryptocurrency exchange “deprecated” the Coinbase Bundle product, and all assets in it have been “redistributed to their respective individual asset wallets.”

The move, first spotted by Crypto Briefing, is believed to have been made because the product wasn’t a profitable one. Coinbase Bundle was launched back in September of last year to make it easier for investors to gain exposure to the cryptocurrency ecosystem, through a weighted basket of the cryptocurrencies the company then offered.

This means users could use a small amount of fiat to buy bitcoin, litecoin, ethereum, bitcoin cash, and ethereum classic at once. Per the exchange itself, the bundle’s purpose was to “make buying more convenient and less overwhelming.”

At the time, the exchange also launched other features: Coinbase Learn and new asset pages.

The timing was off, however, as the product was launched during the bear market that saw the price of most cryptocurrencies drop well over 80%. Images shared on social media in December of 2018, when bitcoin hit its $3,200 low, showed investing $100 on Coinbase would’ve led to significant losses only a few months later.

As covered, Coinbase recently launched a service offering its users four free exclusive “trading signals,” in a bid to help its customers “independently create and manage their own crypto strategy.”

It’s worth noting Abra, a digital asset exchange and wallet provider,  launched a product packaging various cryptocurrencies into one at about the same time Coinbase launched its Bundle product. Abra’s product is its BIT10 token.