January 24, 2015
US Merchants who use Braintree’s payments software platform can now enable Bitcoin payments through Coinbase. Customers can now start making payments in Bitcoin provided they have a Coinbase account. Braintree had already integrated Coinbase into its SDK called v.zero. Braintree created the v.zero SDK as an open platform, giving merchants access to the most sophisticated payment tools and the most relevant payment methods via a single integration. Realizing the relevance of Bitcoin for customers, Braintree had earlier partnered with Coinbase to enable merchants to accept bitcoin.
The integration with Coinbase is now complete and Braintree has opened up private beta access to allow merchants in the U.S. to accept Bitcoin via v.zero. Coinbase is a trusted Bitcoin payment processor with 2.2M consumer wallets and 38,000 merchants globally. Bitcoin is growing in popularity for consumers and merchants alike. Businesses like Overstock.com, Expedia and Dell currently accept bitcoin as a form of payment, and the number of companies, both small and large working to enable bitcoin acceptance is on the rise.
In addition to bitcoin, merchants already have the option to accept credit and debit cards; PayPal with 162M active global customers; Venmo, which in Q4 2014 processed more $900M in mobile payment volume; and Apple Pay. Braintree continues to support new payment methods as they become more relevant to customers. By leveraging the v.zero SDK, merchants can add new payment methods and features quickly and easily.
Braintree had 85.7 million cards on file in Q3 2014, according to PayPal's quarterly financial reports. The company boasts of companies such as Uber, Airbnb and OpenTable among its clients. Braintree first announced the v.zero SDK back in July last year. The SDK allows automatic shopping cart integration and is now turning out to be a highly powerful tool for Braintree. Companies such as Github, Jane.com, ParkWhiz and Chargify actively use the SDK.
Coinbase recently raised $75 million in a funding round which involved investors such as DFJ, USAA Bank, NYSE, Andreessen Horowitz, Union Square Ventures, and Ribbit Capital. This is the largest funding round yet for a Bitcoin company and comes at a time when the cryptocurrency itself is facing very low trading rates. The participation of a financial institution like NYSE in this funding round shows that there is still hope for Bitcoin in the financial world. Former CEOs of Citigroup and Thomson Reuters have also invested in Coinbase.