Ebay Next In Line To Take BitCoin Currency For Payments

Bitcoin is quickly overcoming its sketchy past, one that was linked with illicit drug markets and other illegal activities. It's still a highly volatile currency, but it's also one that more and more online and offline vendors are willing to gamble on. That includes online auction site eBay, which is reportedly in talks with various bitcoin payment processing companies, including Coinbase, to integrate bitcoin processing into its Braintree payments subsidiary, which is a part of PayPal.

According to a report in The Wall Street Journal, no agreement has yet been reached. Should a deal eventually be put in place, however, it would be a major endorsement of bitcoin -- and the virtual coin movement as a whole -- as a legitimate currency.

Image Source: Flickr (Karlis Dambrans)

It's also worth noting that eBay and PayPal wouldn't initially accept bitcoin payments if a deal is reached to integrate payment processing into Braintree, though that could change in time, maybe even sooner than later. Ebay CEO Jon Donahoe had previously told WSJ that he was considering different ways to use bitcoin.

While eBay is still figuring things out, Overstock.com is processing millions of dollars in bitcoin currency every year. The company sits as one of the largest retailers to accept the crytocurrency, and after hammering out a deal with Coinbase earlier this year, it's on pace to close out 2014 with $6 million to $8 million in bitcoin currency, along with an average of $1 million per month.