eBay CEO John Donahoe revealed in their annual shareholder gathering on May 13 that Bitcoin may soon be integrated with payment service giant PayPal. This is in addition to his Bloomberg interview in February stating that bitcoin and other cryptocurrencies didn’t pose any threat to their operations.
“We think bitcoin will play a very important role in the future. Exactly how that plays out, and how we can best take advantage of it and enable it with PayPal, that’s something we’re actively considering. It’s on our radar screen.”
Nothing holding us back
“There is nothing holding PayPal back from pursuing digital payments today, as part of eBay. In fact, PayPal is pursuing digital payments and is leading digital payments alternative in many different environments,” Donahoe said.
“You can use digital currencies in the PayPal digital wallet, that’s in fact what PayPal is doing—is building a digital wallet that can make multiple types of currency.” Last month, eBay launched a virtual currency section of its US website which allowed its users to buy and sell digital currencies.
Currently, eBay is still not accepting bitcoin and other virtual currencies for payments. PayPal is facing taut competition from bitcoin. eBay acknowledges this, according to their recent filing with the Securities and Exchanges Commission (SEC), in which they regarded bitcoin as a “potential competitor” to PayPal.