David Knox, the former Chief Financial Officer at PayPal, has left his role at the financial tech firm for a new position at the Digital Asset Treasury firm, Hyperion DeFi. Prior to his leading role at PayPal, Knox’s illustrious career has included stints at US branchless bank SoFi, Cantor Fitzgerald, and RBS. His latest move marks a new trajectory: away from more traditional modes of finance and headfirst into the world of cryptocurrency.
Does Knox’s latest move to greener pastures signal more profound changes in the fintech solutions market, and what does this mean for users of fiat currencies and crypto? Is PayPal’s dominance being challenged by the advent of countless new online payment methods and the rise in popularity of cryptocurrencies?
Knox is undoubtedly excited to find himself at the heart of one of the fastest-growing blockchain platforms in the world. Hyperion DeFi is the US’s first publicly listed company to forge a treasury of Hyperliquid native token, HYPE. Nearly a year on from its November 2024 launch, HYPE has skyrocketed into the top fifteen cryptocurrencies, according to its market value.
It is no surprise then that Hyperion DeFi has proved an attractive lure for Knox. The future continues to look bright for the NASDAQ-listed firm, which recently launched its native USDH stablecoin, generating $2.2 million in early trading volume. September proved to be a fruitful month for the DAT firm, as it added $10 million to its treasury holdings. This raised its total holdings to 1,712,195 HYPE tokens purchased at an average cost of $38.25 per token.
Knox’s appointment is the cherry on top of Hyperion DeFi’s recent good fortunes. His addition to the team comes as part of a concerted effort to fortify governance and fast-track the company’s decentralized finance strategy. With twin roles as Head of Capital Markets and Head of Finance for Global Credit and Financial Services at PayPal, Knox brings a wealth of valuable industry experience.
Knox’s move to Hyperion DeFi appears to be a fashionable move, as crypto treasuries look to be one of the hottest current trends in fintech. The phenomenon, which started with Michael Saylor’s Bitcoin treasury Strategy, has seen numerous established firms jump on the bandwagon.
Before leaping headfirst into crypto, Hyperion was more closely associated with the world of ophthalmic technologies and innovations. Under its previous Eyenovia brand, its main objective was to develop safer methods of delivering medication to the eyes than the outmoded eye dropper. It has not abandoned the field of medical innovation altogether, as it continues to develop its own proprietary Optejet User Filled Device, which is designed to work with a range of topical ophthalmic liquids.
In July 2025, the business changed its ticker symbol on the Nasdaq to HYPD, signaling its new direction. From the outside, it might seem strange for a company settled in its medical technologies niche to make such an ambitious leap into the world of crypto trading. There are, however, a number of reasons why such a strategy has worked for Hyperion DeFi and other businesses like it.
Cryptocurrency is proving to be an exciting field for future-thinking firms to invest their efforts in. Crypto trading has become an attractive option for many people searching for new ways to invest their money and build up their financial portfolios. The volatility of unbacked cryptocurrencies has previously been enough to put off some potential investors.
Stablecoins, such as Hyperion DeFi’s USDH offering, bridge that uncertainty for those keen to try out alternative currencies but preferring a more secure investment. By pegging its price to a stable asset, a stablecoin can retain a steady value. The Trump administration’s support for the industry has further bolstered confidence in crypto trading.
It is clear that times are changing in the fintech industry, but PayPal does not appear to be lagging behind the competition. The opposite may in fact be true, as PayPal’s own stablecoin, PayPal USD, goes from strength to strength.
Pegged to the dollar, the coin can be bought, sold, and transferred in-app or on the PayPal website without fees. Converting between PYUSD and other cryptocurrencies will come with added costs, but on the flip side, those who hold the coin on PayPal could earn up to 4% in rewards.
PYUSD recently outstripped a $1 billion market cap following its partnership with Spark. The online payment platform is keen to establish itself as a leading force in decentralized finance, a market that is currently seeing real growth. Big names like Mastercard and Visa are also looking to the future, teaming up with crypto firms for a slice of the market.
Since PayPal’s digital wallet was established in 1999, the company has been a market leader in offering online payments. Over a quarter of a century later, PayPal is still a household name and a trusted favorite amongst online shoppers, despite the rise of vendors willing to accept crypto payments.
In recent years, PayPal’s dominance has been challenged by other online payment methods: nowhere is this diversity of competition more evident than in the gambling niche, which has seen a surge of users gambling with crypto.
PayPal remains a popular option for those playing at online casinos in the US, thanks to its ease of use and trustworthiness. Making deposits is quick and easy, and as a widely recognized payment method, PayPal is broadly accepted at online casinos. PayPal will only offer its banking services at licensed gambling sites in jurisdictions where it is legal, adding further peace of mind for gamers. All of this ensures that PayPal casinos are still incredibly popular, as online review sites attest. This ease of usage and the protection it offers mean PayPal is unlikely to disappear any time soon.
Many users prefer to keep their fun money separate from savings and cash that is reserved for bills and essentials. This is where a free e-wallet comes in handy. PayPal’s encryption methods make sure that users’ money remains safe and secure. Meanwhile, account protections shield wallet-holders from issues like identity theft and fraudulent account usage.
It is clear to see that PayPal is still a dominant force in the online payments sector, although it is having to work hard to stay relevant as the competition ramps up. New innovations, such as the meteoric rise of stablecoin treasuries, demonstrate just how vital it is for PayPal to stay ahead of the curve.