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PayPal to Integrate Bitcoins into Virtual Wallet

PayPal to Integrate Bitcoins into Virtual Wallet

Online auction house eBay has announced that it is building a digital wallet to accept multiple types of currency to run alongside its PayPal system which is under threat from the popularity of virtual currencies such as bitcoin.

John Donahoe, the CEO of eBay, has said that there is no reason virtual currencies can’t be integrated into PayPal. In a recent interview he said, “There is nothing holding PayPal back from pursuing digital payments today, as part of eBay. In fact PayPal is pursuing digital payments and is the leading digital payments alternative in many different environments.”
He went on to say that PayPal is building a digital wallet that will accept multiple types of currency.

eBay already allows the buying and selling of bitcoins on its UK websites. Bitcoins may be listed in the site’s classifieds section in order to be traded. In the past users were also able to sell software for bitcoin mining and transactions, however, it still does not accept the virtual currency as a form of payment.

In recent times PayPal has enjoyed significant growth and this is expected to continue in the coming years.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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