Bitcoin News: Paypal Enters Bitcoin Space

PayPal has announced partnerships with the three largest payment processors in the bitcoin space – BitPay, Coinbase and GoCoin. Though the online e-commerce pioneer stopped short of integrating bitcoin into its digital wallet or payment processing services directly, the move marks PayPal’s first formal offering to the bitcoin community.

In a blog post penned by senior director of corporate strategy Scott Ellison, PayPal revealed that online merchants will now be able to accept bitcoin via all three companies through its PayPal Payments Hub, its product that enables its customers to accept credit card, mobile carrier payments and other payment methods through a single integration.

Ellison lauded BitPay, Coinbase and GoCoin for their commitment to ensuring consumer protections on their platforms, while suggesting that the offering will appeal to a number of its key customer groups, writing: “We believe digital goods merchants will be excited to work with these industry-leading companies to sell ringtones, games and music and get paid with bitcoin.”

News on Bitcoins

Ellison went on to suggest that PayPal is committed to embracing innovation, and that this has lead to its early support of bitcoin. Further, he suggested the company will be monitoring its first formal bitcoin trial to assess how it moves forward with the payment method, writing: “We’re proceeding gradually, supporting bitcoin in some ways today and holding off on other ways until we see how things develop.”

PayPal cited its commitment to allowing businesses freedom of choice and promoting safer buying experiences as key reasons for its decision. BitPay, Coinbase and GoCoin will pay a referral fee to PayPal for new business they gain through the platform, meaning their existing pricing structures will be unaffected by the move.

Ellison framed the decision as the latest way PayPal is seeking to support the bitcoin ecosystem, pointing to its past efforts to help companies in the bitcoin mining space accept PayPal for their products.

Bitcoin Financial News

In recent months, a number of bitcoin mining companies, including early and current market leaders such as Butterfly Labs and CoinTerra have faced lawsuits from customers for failing to deliver equipment on advertised timelines.

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