PayPal inches toward bitcoin acceptance by enabling payments for digital goods

Big news on the Bitcoin front, as Paypal doubles down on its cryptocurrency bet. And the price rebound indicates that the world approves.


PayPal is dipping its toes slowly into the world of bitcoin. The company announced Tuesday that it will start accepting bitcoin through its payments hub, but only for digital goods like ebooks, music or video games.

[company]PayPal[/company] announced earlier this month that its subsidiary unit, Braintree, will accept bitcoin. However, Braintree, which processes payments for companies like Uber and Airbnb, only teamed up with Coinbase to accept bitcoin payments. In an increasingly common move for companies entering the bitcoin arena, PayPal announced it is partnering with multiple payment processors, including BitPay, Coinbase and GoCoin for digital goods transactions.

It’s not a full embrace of bitcoin, and Scott Ellison, senior director of corporate strategy at PayPal, made it clear in the company’s announcement that the company is taking a cautious approach:
[blockquote person=”” attribution=””]To be clear, today’s news does not mean that PayPal has added Bitcoin as a currency in our…

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