Bitcoin Access Expanded to over 11 Million Users of WebMoney

WebMoney, considered the PayPal of Russia, announced the addition bitcoin as a payment option today. This will enable both merchant as well as person-to-person transfers. WebMoney had over 11 million users in 2010, and this number has no doubt grown significantly since then. WebMoney accounts are called purses, and transactions can be denominated in bitcoin, gold, USD and rubles among several others. All transactions are irreversible so there is little concern for charge-backs like PayPal would face. WebMoney is entering the four markets TGB described as potential opportunities for PayPal: merchant tools, online wallets, exchanges and escrow. Clearly, they are beating PayPal in the race …