Bitcoin News Mash-Up: Estonian Bank Associates with Coinbase; PayPal Enters Bitcoin Domain; and More


Bitcoin News Mash-Up

Following are the major Bitcoin news of the day

Estonian Bank Reveals its Ties with Coinbase
Representatives of LHV Bank of Estonia recently confirmed their association with Coinbase, while committing to their interests in the field of cryptocurrency. The bank had earlier announced a project to explore the potential of blockchain technology, if being integrated with traditional banking services. Speaking to CoinDesk.COM, the bank’s Director of Retail Banking Kitter Andres further recognized the potential of its new partner Coinbase, revealing their excitement for working with such an experienced and strong team. “We have been approached by different bitcoin and cryptocurrency companies, however at this stage we still have to be very selective and rather conservative,” he added.

PayPal Partners with Multiple Bitcoin Payment Processors
PayPal announced yesterday that it has inked a partnership deal with three Bitcoin payment processing companies – BitPay, Coinbase and GoCoin. Following the deal, PayPal is now allowing its digital goods merchants to sell their products, online games, music, etc. in Bitcoin. The major payment transfer portal has earlier allowed its mobile payment vertical Braintree to fully assemble Bitcoin payments into its platform.

FTC Shuts Down Mining Hardware Company
Accused of fraud and public misrepresentation, mining hardware manufacturer Butterfly Labs faced the wrath with the rulings by US District Court. The court granted permission to US Federal Trade Commission (FTC) to shut down the entire enterprise, on the grounds of over 300 complaints lodged by its customers. Jessica Rich, Director of the Bureau of Consumer Protection, FTC told media:

“We often see that when a new and little-understood opportunity like bitcoin presents itself, scammers will find ways to capitalize on the public’s excitement and interest. We’re pleased the court granted our request to halt this operation, and we look forward to putting the company’s ill-gotten gains back in the hands of consumers.”

To contact the reporter of the story: Yashu Gola at

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