PayPal announced earlier this month that their subsidiary “Braintree” would begin to integrate Bitcoin payments into their payment system offerings. Yesterday PayPal could finally announce that their merchants would be able to accept Bitcoin payments through partnerships with GoCoin, Coinbase and BitPay.
PayPal partnered up with these companies to ensure that not only the transactions would be safe and secure, but also because these companies follows international law and regulations in terms of money laundering controls. This also means that PayPal itself will not be handling the transactions of Bitcoins or adding it to their wallet system.
"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." Scott Ellison, Senior Director of Corporate Strategy said in a press release.