We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

BTC Keychain/Flickr
Baby Steps

PayPal opens its doors (slightly) to bitcoin payments

The company has teamed up with three bitcoin payment processors, allowing sellers to accept bitcoin as payment for digital goods.

PAYPAL IS ALLOWING certain retailers to accept bitcoin as a form of payment for digital goods via its payments hub.

The company has partnered with bitcoin payment processors BitPay, Coinbase and GoCoin, allow merchants to accept the cryptocurrency as payment for digital goods like games and music.

However, the payments won’t be processed by PayPal itself, and will only be available in North America for now.

In a blog post announcing the move, the company’s senior director of corporate strategy Scott Ellison said that the change is a gradual one.

To be clear, today’s news does not mean that PayPal has added Bitcoin as a currency in our digital wallet or that Bitcoin payments will be processed on our secure payments platform. 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.

The company also said that it was working with virtual currency exchanges and administrators to secure the appropriate licences and ensure anti-money laundering procedures are in place

Recently, the company announced its Braintree unit, which will allow mobile payments in apps, would also include bitcoin payments as well.

Currently, one bitcoin is worth €333.

Read: Facebook plans to start testing its WiFi drones next year >

Read: Can you control what permissions each app has access to? >

Readers like you are keeping these stories free for everyone...
A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

Your Voice
Readers Comments
    Submit a report
    Please help us understand how this comment violates our community guidelines.
    Thank you for the feedback
    Your feedback has been sent to our team for review.