eBay Inc (NASDAQ:EBAY) subsidiary Braintree is about to announce a new mobile payment method which could eventually make its way to eBay Inc (NASDAQ:EBAY) and PayPal themselves: Bitcoin payments. As Re/Code reported today, an announcement could be made by the PalPal subsidiary (a subsidiary of eBay Inc (NASDAQ:EBAY) themselves) as early as today.
The possible move was first reported on last month, when it was revealed Braintree was in talks with various payment processors, including Coinbase (who are expected to be the ones that will process the Bitcoin payments for Braintree), to add Bitcoin payments to their mobile payments system. Their mobile payment software is exceptionally popular for apps like Uber, Airbnb, and GitHub.
While it was stressed that Braintree’s Bitcoin payments will not yet make their way to either eBay Inc (NASDAQ:EBAY) or PayPal, the introduction of them through Braintree will likely be a proving grounds of sorts for its wider adoption within the company and on a grander scale in the future.
Further fueling speculation that the move could be incorporated into PayPal in the future was the release of a new video to YouTube by PayPal today which cryptically mentions spending Bitcoins with a mere tap.
Bitcoin has been the subject of much controversy in various forms since its release a few years ago. The cryptocurrency, which is traded over an anonymous, peer-to-peer style network has seen its value fluctuate dramatically, soaring as high as $1,100 last year before crashing back down to less than half that value.
The supposedly secure currency has also been subjected to multiple thefts that have completely wiped out some exchanges dealing in the currency, including Flexcoin, which was hacked and robbed of its entire $600,000 in Bitcoins, forcing them to close their doors. Other high profile cases have involved the alleged theft of millions of dollars worth of Bitcoins.
Despite that, Bitcoins have continued to gain wider usage among the populace, and more and more businesses have begun to accept them to accommodate their customers. Overstock.com, Newegg.com, Shopify, and Expedia are just some of the businesses that accept the digital currency.