PayCash announces bitcoin integration for merchants at Web Summit, using Kraken for exchange

Luxembourg-based payment processor PayCash is launching bitcoin payment integration for merchants. The new service was announced today at Web Summit in Dublin.

PayCash is an EU-licensed and regulated payment processor. Last week, they partnered with Kraken to help the exchange reintroduce USD deposits.

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Traditionally, we are more accustomed to bitcoin payment integration from firms specializing in digital currency. The inclusion of bitcoin by a regulated fiat-based firm, in a sense, makes the former more mainstream and gives prospective users greater confidence in the safety of their funds.

Like with other merchant integration solutions, bitcoins accepted are converted to euros and sent to the merchant’s account. As one would expect, Kraken will be the venue of exchange between the two currencies, adding another dimension to the partnership.

Marcus Becker, PayCash’s CMO, believes that cryptocurrencies will gain wider acceptance by the broader public in the near future. Thus, he said, such services need to be as secure as possible.