Today is a good day for virtual currency backers. Bitcoin is arguably the most popular virtual currency that is already accepted by many companies and retailers who allow their customers to pay them through the crypto-currency instead of dollars, euros or what have you. PayPal Bitcoin integration has finally been announced today albeit some limitations. The online payments giant is going to allow its digital goods merchants to accept payments through the PayPal Payments Hub.
These merchants can only accept payment in Bitcoin for intangible products such as ringtones, games, music or other related content. PayPal says this is an easy way for its merchants to “test the waters” with this new payment method. The PayPal Payments Hub is a service that digital retailers can use to accept payments from customers.
In order to make this happen PayPal has partnered with three of the most well known Bitcoin payments processors which include Coinbase, BitPay and GoCoin. The first two are backed by big investors such as Andreessen Horowitz and Richard Branson, respectively.
PayPal makes it clear that today’s announcement doesn’t mean Bitcoin has been added as a currency in its digital wallet or that it will start processing Bitcoin payments on its payments platform. The company says that for now its proceeding cautiously with Bitcoin, “supporting Bitcoin in some ways today and holding off on other ways” until it has enough confidence in the crypto-currency.