Paypal & Bitcoin processors BitPay, Coinbase & GoCoin ink partnership deal

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Paypal, on Tuesday, announced that it has entered into partnership with 3 Bitcoin processors namely BitPay, Coinbase and GoCoin.

As a part of the partnership deals, online merchants will now be able to accept virtual currency Bitcoin for digital goods transactions via all 3 companies through its PayPal Payments Hub, the company’s service that enables customers to pay using PayPal, debit or credit cards, prepaid cards, digital wallet or other payment methods through a single integration.

The move follows PayPal’s announcement made earlier this month that businesses working with its subsidiary Braintree like Uber and Airbnb will now accept Bitcoin as a payment option through their v.zero SDK and deal with Internet Bitcoin wallet Coinbase.

Scott Ellison, senior director of corporate strategy, making it clear, said that the news does not mean that PayPal has added Bitcoin as a currency in the digital wallet or that Bitcoin payments will be processed on the secure payments platform.

Ellison said that PayPal has always encouraged innovation, but always in ways that make payments safer and more reliable for its customers. The company’s approach to Bitcoin is no different. This is the reason that the company is proceeding gradually, supporting Bitcoin in some ways today and holding off on other ways until it monitors on how things develop.

For now, the Bitcoin integration is available only for merchants selling digital products in North America.