It’s not the complete union that the bitcoin community is eager to happen, but PayPal is supporting the cryptocurrency, at least through its Braintree payments platform.
eBay-owned PayPal, the Internet’s mainstream payments processor, is finally embracing the still-burgeoning bitcoin technology. And the move is creating a stir within the bitcoin world
Braintree is a startup acquired by PayPal last. Braintree that creates tools for software developers to easily integrate payments into apps and websites.
Braintree is allowing developers to add bitcoin to the payment methods they accept. The PayPal unit is doing so as a result of a partnership with Coinbase, Silicon Valley’s most celebrated digital wallet and provider of support services for bitcoin-accepting businesses.
Coinbase says that Braintree merchants will receive benefits for accepting bitcoin payments, including 1 percent flat transaction fees (waived for the first $1 million in bitcoin sales) with no additional costs.
“We are excited to be partnering with a company that is equally committed to simplifying payments for both merchants and consumers, and look forward to working with Braintree to complete the integration,” Coinbase said in a blog post Monday.