PayPal subsidiary Braintree has released a private beta version of its Bitcoin API, which is now available to online merchants and developers who may want to start accepting bitcoin payments.
It was in realizing that bitcoin was becoming more relevant to their customers that the folks at Braintree decided to partner up with Coinbase (a trusted bitcoin payment processor) to give their merchants the option to accept this virtual currency. The company also indicated that it has entered into agreements with other payment processors, including BitPay and GoCoin, in its effort to help merchants accept these payments.
It's a step in the direction of innovation and freedom of choice, but PayPal is not just rushing in. The company is committed to providing a safe and reliable payment option for its customers, and while it is moving into the bitcoin arena, it's taking it one step at a time.
In an announcement on PayPal's website, Scott Ellison, senior director for corporate strategy, says:
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.
Merchants or developers who are interested in accessing the API can get in touch via email at email@example.com.