As reported by techcrunch.com, this idea has been underway for some time, with Ebay CEO John Donahoe saying that digital currency would play "an important role" for the company. Wikipedia, Overstock, and other companies have already joined the cryptocurrency club, spurring Paypal's involvement. They will generate profits from referral fees, which is normal for these type of transactions.
“PayPal is playing the role of the intermediary, but the cost will be left up to the merchant and the payment processor,” said Scott Ellison, a senior director at PayPal.
Paypal will collaborate with the BitPay, Coinbase and GoCoin services to secure the cryptocurrency transactions. Currently this will be available for vendors of digital items only, and exclusively in the United States. However, as this technology grows in popularity, many more items in a wider market could be available thanks to your bit-bank.
|It's for digital items only! Get back in the screen, e-presents!|