PayPal takes another step towards bitcoin integration

bitcoins

PayPal is now working with three major bitcoin processors in order to allow digital goods merchants in the US to accept the crypto-currency after integrating the option through the PayPal Payments Hub.

The agreements with BitPay, Coinbase and GoCoin will allow digital goods merchants using the hub to sell ringtones, games and music and get paid with Bitcoin.

“We chose to work with BitPay, Coinbase and GoCoin because of our commitment to offering innovative and safer ways for businesses to accept payments,” Scott Ellison, senior director of corporate strategy for PayPal, wrote in a company blog post. “All three companies have taken steps to ensure that they know their customers and that those customers are offered certain protections.”

In the interest of protecting their customers, however, PayPal has not added bitcoin as an option in its digital wallet, and is yet to process such payments on its platform.

“PayPal has always embraced innovation, but always in ways that make payments safer and more reliable for our customers,” Ellison noted. “Our approach to Bitcoin is no different. That’s why we’re proceeding gradually, supporting Bitcoin in some ways today and holding off on other ways until we see how things develop.”

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