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.

Coinbase Commerce Now Lets Merchants Accept USD Coin (USDC)

On Monday (May 20), Coinbase announced that "Coinbase Commerce", which provides non-custodial cryptocurrency payment solutions, now allows businesses to accept fully dollar-collateralized stablecoin USDC.

History of USDC

As CryptoGlobe reported on 26 September 2018, "USDC Coin" (USDC for short) was launched on that day by Goldman-funded FinTech startup Circle Internet Financial (better known as "Circle"). This is a regulated fully-collateralized dollar-backed stablecoin that was originally announced on 16 May 2018. USDC is based on an open source fiat stablecoin framework developed and governed by the CENTRE project.

Circle said at the time that the problems with existing fiat-backed solutions (such as Tether's USDT) were that they "have lacked financial and operational transparency, have operated in unregulated jurisdictions with unknown banking and audit partners, and have been built as closed-loop ecosystems and closed proprietary technologies."

In contrast, Circle's USDC stablecoin deals with these issues by "providing detailed financial and operational transparency" and "operating within the regulated framework of US money transmission laws, reinforced by established banking partners and auditors." USDC tokens are ERC-20 compatible (meaning that they run on the Ethereum blockchain); they are minted, issued, and burnt/redeemed based on network rules defined by CENTRE. 

Coinbase's Previous Involvement With USDC

On 23 October 2018, Circle announced that Coinbase (another member of the CENTRE consortium) was making USDC available to its customers on Coinbase Consumer and Coinbase Pro, and that customers could "tokenize dollars into USDC and redeem USDC into dollars through both Circle and Coinbase."

Then, on May 14, Coinbase said via a blog post titled "Expanding USDC crypto trading globally" that:

  • It was making USDC trading available on Coinbase Consumer and Coinbase Pro in 85 countries.

  • It was doing this to help "accelerate the global adoption of crypto trading" and to provide wider access to "a stable store of value."

  • There are more than 300 million USDC tokens currently in circulation today, and that USDC is supported by 100+ ecosystem partners.

  • Stablecoins "have the potential to materially improve the lives of people in countries where inflation is eroding wealth." 

  • Coinbase serves customers in 103 jurisdictions.

Coinbase Commerce and USDC

Coinbase Commerce was launched on 14 February 2018. Coinbase described Coinbase Commerce as a new service that "enables merchants to accept multiple cryptocurrencies directly into a user-controlled wallet," and that in contrast to its previous merchant products, it was "not a hosted service, so merchants have full control of their own digital currency." Four cryptocurrencies were supported back then: Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), and Litecoin (LTC).

Coinbase Commerce can be "directly integrated into a merchant’s checkout flow or added as a payment option on an e-commerce platform." Initially, the only e-commerce platform supported was Shopify, but on 6 August 2018, support for WooCommerce was added.

Yesterday's blog post said that now Coinbase Commerce has added support for stablecoin USDC, thereby allowing "businesses to accept payments online in the same way they’re able to accept cash in-store." 

Here are a few things to note about Coinbase Commerce:

  • "Coinbase Commerce doesn’t charge any fees to process payments."
  • "Coinbase Commerce accounts are completely separate from Coinbase accounts."
  • "You can use the withdraw functionality to send cryptocurrency to an address associated with your Coinbase account."

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