PayPal Adds Bitcoin Support

Here is the latest report that PayPal, an online money transfer service has announced the partnership with three leading bitcoin payment processors which includes BitPay, CoinBase and GoCoin.

Now it looks like Ebay owned company is moving one step a head in order to bring digital payment facilities to users and now merchants in North America selling immaterial products like music, games, and ringtones may now accept bitcoin through PayPal Payments Hub.

But it seems that company is not in a hurry to bring Bitcoin support to customers as they are working on it very slowly and very cautiously.

Here is the statement from PayPal Senior Director of Corporate Strategy Scott Ellison:

PayPal has always embraced innovation, but always in ways that make payments safer and more reliable for our customers. 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.

PayPal also needs to follow the laws and regulations in every market we operate. For this reason, virtual currency exchangers and administrators interested in working with PayPal in the future must secure the appropriate licenses and put anti-money laundering procedures in place.

Sources: TNW

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