PayPal Announces Bitcoin Integration Plans
PayPal announces plans to integrate Bitcoin payments, marking major validation from established payment processor.
On September 23, 2014, PayPal announced plans to integrate Bitcoin payments into its platform, marking a major validation of cryptocurrency from one of the world's largest established payment processors. The initial integration would allow PayPal merchants to accept Bitcoin payments through partnerships with Bitcoin payment processors like BitPay, Coinbase, and GoCoin.
PayPal's announcement represented a significant shift in attitude from traditional payment companies that had previously been skeptical or hostile toward cryptocurrency.
PayPal's Bitcoin integration announcement was historically significant because it demonstrated that even traditional payment companies were beginning to recognize Bitcoin's potential and customer demand for cryptocurrency payment options. The integration also provided Bitcoin with access to PayPal's massive merchant network and gave cryptocurrency unprecedented mainstream credibility.PayPal's embrace of Bitcoin helped establish the legitimacy of cryptocurrency payments and encouraged other traditional financial services companies to consider similar integrations.