Boston, MA 09/09/2014 (wallstreetpr) – Online auctioneer, eBay Inc (NASDAQ:EBAY) has signaled its entry into Bitcoin segment by unveiling Braintree, a payment processor subsidiary. The company seems to have been satisfied with the performance of smaller online retailers as it forayed into the sector since the digital currency is set to play a bigger role in the coming years.
Virtual Currency
The online auctioneer said that its subsidiary, Braintree, would start accepting the digital currency from the coming months. eBay Inc (NASDAQ:EBAY) has also aligned with Bitcoin exchange Coinbase for this purpose, Forbes reported.
As a result, the customers of Braintree, including Uber and Airbnb, would be in a position to start accepting the digital currency if they desire. However, users would not be able to find integration of Bitcoin either in the online auctioneer’s market place or on PayPal.
Braintree, which was acquired for approximately $800 million by eBay last year, would provide payment processing software for companies interested in Bitcoin payment system.
Issues To Be Solved
The Chief Executive Officer of Braintree, Bill Ready, explained that there were a lot of issues that required to be addressed so that it could have a case of leading use of Bitcoin. eBay Inc (NASDAQ:EBAY) needed to take into consideration the regulatory aspects apart from the comfortability of both merchants, as well as, customers on its usage.
The CEO also refrained from giving any specific criteria for integration of Bitcoin with merchants’ payment systems and failed to provide launch date for the users. However, he has made it clear that the company was only partnering with the Bitcoin startup and was not investing in Coinbase. The move was to offer users with online wallets so that they can make use of the digital currency too.
Ready said that the latest move was a step in the right direction in eBay universe even as the company was interested in ensuring the safety and security of the users. The CEO was speaking at TechCrunch Disrupt conference held in San Francisco on Monday.
