PayPal has entered into agreements with bitcoin processors BitPay, Coinbase and GoCoin to enable North American digital goods merchants to accept the cryptocurrency after they integrate the option through the PayPal Payments Hub.

"We chose to work with BitPay, Coinbase and GoCoin because of our commitment to offering innovative and safer ways for businesses to accept payments," Scott Ellison, senior director of corporate strategy for PayPal, wrote in a company blog post. "All three companies have taken steps to ensure that they know their customers and that those customers are offered certain protections. We believe digital goods merchants will be excited to work with these industry-leading companies to sell ringtones, games and music and get paid with Bitcoin."

Ellison noted the announcement does not mean PayPal has added bitcoin as an option in its digital wallet or that it will process such payments on its platform.

"PayPal has always embraced innovation, but always in ways that make payments safer and more reliable for our customers." Ellison wrote. "Our approach to Bitcoin is no different. That's why we're proceeding gradually, supporting Bitcoin in some ways today and holding off on other ways until we see how things develop."

PayPal earlier this month announced merchants working with Braintree would soon be able to accept bitcoin through an SDK and relationship with Coinbase.