It has been reported that PayPal payment processing giant has recently lodged a patent application with lengthy explanations of how it plans to manage virtual currencies, naming Dogecoin, Litecoin and Bitcoin. The application was lodged with the Trademark and U.S Patent Office and could indicate that the online payment processor plans to offer cyber currencies as part of their services.
The application includes a description of a payment system that includes a modular connector, the payment database would store funds information as well as security information. The device connector would be connected to a frame and the payment module determines and retrieves the identifying details or information from the device. The module would also determine that the information identified matches the authorization device, which was identified by the security details or information in the database. This process will then enable the transmission of funds from the source information in order to conduct a transaction.
In 2014 it was already hinted by PayPal that it was considering the integration of the Bitcoin currency into its services according to reports published in the Cryptocoin News. The report also revealed that PayPal disclosed an SEC filing that stated that merchants would be able to accept Bitcoin via Braintree integration. At the time, it also indicated partnerships with BitPay, GoCoin, and Coinbase when a video was released hinting at integration with Bitcoin.
In November 2015, cryptocurrency to SEPA payment service Bitwala announced that users could send Bitcoin to PayPal Euro account and what further indicates the interest shown by PayPal in the sector is the payment processor earlier announced during 2016 that PayPal has now appointed Wences Casares, who is the CEO and founder of the Bitcoin currency and also the founder of Xapo.
On the 3rd of June 2016, it was reported that Bitcoin prices reached beyond $570 and represented a price high in almost two years. Bitcoin reached a high of $590 in August 2014. The growing demand in the Chinese market as a result of the Yuan weakening was seen as the reason for the latest Bitcoin run.