PayPal Will Accept Bitcoin Through Its Subsidiary
In an effort to adapt to the changing world of cryptocurrency, PayPal recently announced it will be accepting Bitcoin payments through its subsidiary company, Braintree. Merchants who already use Braintree to process their payments will also be able to accept Bitcoins in the coming months.
This new opportunity arises because PayPal is partnering with Coinbase, one of the largest Bitcoin companies available today.
“We had a lot of developers tell us they’d love to add Bitcoin. But Braintree would handle all of their payments and they didn’t want to add another SDK,” Coinbase’s CEO, Brian Armstrong told TechCrunch. “They would say that if Braintree added it, they would add it.”
Braintree handles transactions for a number of large websites, including Dropbox, Uber and AirBnB. Merchants that would like to accept Bitcoin for their businesses will need to sign up for a Coinbase account, but then they can instantly convert all Bitcoin payments to regular currency.
PayPal will not be handling Bitcoins just yet. The integration of Coinbase into the Braintree platform will not impact customers or merchants with PayPal accounts, but the change may open the door for Bitcoin acceptance in the future.