INTERNET PAYMENT NETWORK PAYPAL TO START ACCEPTING BITCOIN (STA BREAKING NEWS and ARCHIVES)

by STANews , Thursday, September 11, 2014, 22:09

EBay Inc. (EBAY)’s PayPal service will start accepting bitcoins, opening up the world’s second-biggest Internet payment network to virtual currency transactions.

“We’re announcing PayPal’s first foray into bitcoin,” Bill Ready, the chief of EBay’s Braintree unit, said at Techcrunch’s Disrupt SF conference yesterday. “Over the coming months we’ll allow our merchants to accept bitcoin. On the consumer side it will be a sleek experience.”

EBay, as the world’s biggest Web marketplace and operator of a global payments service, is the most significant business to date that’s embraced bitcoin. The move could potentially enable PayPal’s 152 million registered accounts to transact using the virtual currency, spurring wider use and acceptance of bitcoin, according to Gil Luria, an analyst at Wedbush Securities Inc.

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