Transitions in the digital currency ecosystem continue to emerge even as governments talk of regulations.
The latest in this drive to establish infrastructure for commonplace bitcoin transactions is ePayment portal, Braintree’s foray, which includes scouting for a bitcoin payment processing partner.
Braintree, which belongs to most popular online auction and payment gateway group Ebay and PayPal, was reportedly negotiating with multiple Bitcoin processing companies.
One of the companies Braintree may be talking with could be Coinbase, reported a Wall Street Journal news byte.
Ebay-PayPal dominates the online payment market with multiple-level products via Braintree, a software company acquired in Dec 2013.
Braintree on the next step to mobile payment
Braintree develops payment software for popular mobile apps, which include taxi services and hotel industry players.
Braintree, began in 2007 by Bryan Johnson, an entrepreneur, grew with $34 million from Accel Partners in 2011 and $35m by NEA in 2012. Eventually, its acquisition by Ebay, allows it to work with deep pockets.
Braintree’s USP has been its single-point package for mobile apps with payment processor as well as merchant account. The solutions developed by Braintree support credit card payments directly from both apps as well websites.
The ease of use and secure features of the Payment Platform which Braintree offers has led to two of the fastest growing mobile apps – Uber, GitHub and Airnb.
Braintree has turnaround of $12 billion payment processes of which $4 billion are on the mobile platform.
Currently, Braintree supports payment processing in over 40 countries with over 130 currencies.
eBay CEO John Donahoe has on several occasions commended that digital currencies are part of the future.
Braintree’s overtures into the digital currency payment sector definitely bring more opportunities to use bitcoin as the mode of payment for mainstream transactions.
To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com
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